Six months after a major cyberattack, WazirX announced that it had frozen the first $3 million in stolen assets, bringing victims closer to recovering their funds. The incident has seriously affected India’s confidence in the crypto ecosystem.
Efforts to recover stolen assets
WazirX noted that Zettai works with law enforcement, forensic experts, and judicial authorities to track down and recover stolen assets while determining the best course of action for affected users.
“This is just the beginning; we are fully committed to recovering stolen funds, making every effort to maximize recoveries within a program. We appreciate the patience and support of our users as we navigate this difficult situation together,” said Nischal Shetty, Founder of WazirX.
Jason Kardachi, managing director and co-head of the global restructuring practice at Kroll, which is managing the restructuring of WazirX, noted: “Between on-chain forensic work and legal avenues against third parties complicit in hacking and dissipation Subsequently, the company is well prepared to maximize the recovery of stolen assets for the benefit of the scheme’s creditors.
Cyberattack linked to North Korean hackers
The announcement followed a joint statement from the United States, South Korea and Japan, which attributed the cyberattack to North Korean hackers. Last year, WazirX confirmed in a blog post that a cyberattack had compromised one of its wallets, resulting in a loss of over $230 million. The wallet, using Liminal’s infrastructure since February 2023, has been targeted by sophisticated criminals.
