Recently in the $235M WazirX hack incident, approximately $3 million worth of stolen cryptocurrencies have been temporarily halted by the exchange. In a public announcement, the platform shared details about their progress, securing the first batch of misappropriated digital assets.
WazirX’s latest action underscores their advancement in regaining assets that were stolen during one of India’s biggest cryptocurrency heists. Zettai, the overseeing entity of WazirX, has revealed partnerships with law enforcement agencies, forensic analysts, investigative bodies, and legal advisors to trace and reclaim the stolen funds.
WazirX Hack: Recovery Efforts Underway
In the midst of the ongoing recovery and restructuring process following the WazirX hack, founder Nischal Shetty referred to it as “only the start.” He emphasized that the company is determined to recover the stolen cryptocurrencies and expressed gratitude for the users’ support during this difficult time.
Additionally, Jason Kardachi, who serves as the Managing Director and joint leader of the Global Restructuring Practice at Kroll, expressed his thoughts on the recovery plan for the WazirX hack.
The process of retrieving the Stolen Assets is actively progressing and heading in a positive trajectory. By employing on-chain investigative techniques and pursuing legal actions against involved third parties responsible for the Hack and asset dispersal, the company is well-equipped to optimize the recovery of these Stolen Assets. This initiative aims to ensure that Scheme Creditors ultimately receive maximum compensation from the recovered assets under a Scheme.
Clients Express Dismay Despite Exchange’s Efforts
It appears that WazirX and Zettai are said to be diligently addressing the cryptocurrency theft, impacting around 15 million users. Despite continuous updates to investors regarding their attempts to recover the lost funds, there’s been some unease within the community about this security incident.
In November, WazirX introduced the Recovery Token program aimed at repaying the outstanding debt of impacted users. As stated in the announcement, they plan to distribute tokens based on each creditor’s balance on the platform.
US, Japan, and South Korea Links North Korea to Crypto Heist
Following the allegation by the U.S., Japan, and South Korea that North Korea was behind a series of high-profile hacks, updates on the recovery of assets from the exchange were released. Besides the WazirX hack, these countries also linked North Korea to the theft of $308 million in Bitcoin from DMM and the $50 million heist from Upbit.
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2025-01-17 16:55