Key Points:
- Crypto exchange WazirX has frozen $3 million in stolen assets, a significant step in recovering funds lost during a $230 million cyberattack.
- Parent company Zettai is working with global law enforcement, forensic experts, and legal authorities to trace funds and support affected users.
According to Decrypt, crypto exchange WazirX was able to freeze $3 million worth of stolen assets, a big milestone after suffering from a major cyberattack last year.
Read more: Crypto Tax Evasion India Includes Binance And WazirX
Crypto Exchange WazirX Freezes $3 Million in Stolen Crypto Assets
The breach, which occurred in July 2024, resulted in the loss of over $230 million worth of cryptocurrencies, nearly 45% of the platform’s total crypto holdings.
WazirX, the crypto exchange owned by Singapore-based Zettai, has been working with law enforcement, forensic experts and lawyers to trace and recover the siphoned funds. The company said the freeze marked the first significant milestone in a long and complicated recovery process involving multiple jurisdictions and legal proceedings.
The attack that wiped out most of the assets of the platform had left WazirX with more than $546.5 million in liabilities. The company subsequently filed for restructuring with a. Singapore court back in August 2024.
WazirX Plans Trading Resumption Amid Restructuring Challenges
Despite the setbacks, WazirX has more than 16 million investors and remains committed to resuming operations.
In November 2024, cofounder Nischal Shetty assured users at a town hall meeting that recovery was underway and said trading could reopen in February 2025. The freezing of some of the swiped stablecoins presents a breakthrough event to regain confidence and pay off users affected.
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