Six months after a major cyber attack, WazirX announced it has frozen the first $3 million in stolen assets, bringing victims closer to getting their money back. The incident has severely damaged India’s confidence in the crypto ecosystem
Attempts to recover stolen property
WazirX noted that Zettai is working with law enforcement, forensic experts and legal authorities to locate 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 the stolen funds, leaving no stone unturned to maximize recoveries under any scheme. We appreciate the patience and support of our users as we navigate this challenging situation together,” said Nischal Shetty, Founder of WazirX.
Jason Kardachi, Managing Director and Co-Head of Global Restructuring Practice at Kroll, which is handling the restructuring for WazirX, noted: “Between forensic work on the chain and legal options against third parties complicit in the hack and subsequent dissipation, the company is well positioned to maximize the recovery of stolen assets for the benefit of a scheme’s creditors.”
Cyber attack linked to North Korean hackers
The announcement follows 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 more than $230 million. The wallet, which has been using Liminal’s infrastructure since February 2023, was targeted by sophisticated criminals.