Six months after a massive cyberattack on WazirX, one of India’s leading cryptocurrency exchanges, investigators have successfully frozen $3 million of stolen funds. The attack, which occurred on July 18, 2024, resulted in the theft of over $230 million in digital assets, marking one of the most significant heists in the crypto industry.
This recovery milestone offers a glimmer of hope for victims, signaling progress in efforts to trace and retrieve the stolen funds. Zettai Pte Ltd, the parent company of WazirX, has been actively collaborating with law enforcement agencies, forensic experts, and legal advisors to ensure accountability and restitution.
In a joint statement issued on January 14, 2025, the United States, the Republic of Korea, and Japan attributed the attack to North Korean hackers affiliated with the Democratic People’s Republic of Korea (DPRK). This adds a layer of geopolitical complexity to the case, making recovery efforts even more challenging.
Nischal Shetty, founder of WazirX, expressed cautious optimism, stating, “This is just the beginning.” He reassured users of the company’s unwavering commitment to recovering the stolen assets under a structured recovery plan.
Jason Kardachi, Managing Director at Kroll, who is assisting with WazirX’s restructuring, highlighted the combination of blockchain forensic analysis and legal measures being deployed to trace and secure additional funds. Kardachi noted, however, that cases involving international actors like North Korean hackers are inherently difficult, slowing the pace of recovery.
The cyberattack on WazirX underscores the vulnerabilities in the cryptocurrency sector and the importance of enhanced security measures. It also highlights the critical role of international cooperation in addressing cybercrime involving state-sponsored actors.
Also Read: WazirX Freezes $3 Million in Stolen Assets as Recovery Efforts Progress in $235M Hack
As investigations continue, the frozen $3 million represents a crucial first step in a long journey toward justice for the victims. With global scrutiny intensifying and advanced tools at their disposal, investigators and WazirX remain determined to recover the remaining stolen assets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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