George Miller
On January 17, 2025, Indian crypto platform WazirX reported that it has successfully frozen stolen assets amounting to $3 million. This step is part of the exchange’s efforts to recover funds taken during a major cyberattack last year.
WazirX Achieves Key Recovery Milestone
WazirX announced the recovery of assets worth $3 million in USDT. Founder Nischal Shetty highlighted the exchange’s unwavering commitment to retrieving the stolen assets, mentioning that a structured plan is in place to maximize recovery efforts.
This successful recovery marks the first instance of retrieving assets compromised during the July 2024 cyberattack, during which over $230 million was stolen. This incident, noted as the largest cyberattack in India’s cryptocurrency history, revealed critical weaknesses in the decentralized finance sector and led to increased scrutiny regarding digital asset security measures.
Recovery Update: ~$3M USDT Frozen
We have successfully frozen ~$3M USDT as part of our recovery process after the cyberattack. This is a significant step in protecting user interests and reclaiming stolen funds.
Why This Is Important:
» Prompt Action:… pic.twitter.com/VIn7fEeOcr
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 17, 2025
Zettai Pte, WazirX’s parent company based in Singapore, is working with various partners, including law enforcement and forensic experts, to trace the stolen assets. The goal is to follow the assets’ trail and provide resolutions for the impacted users.
Overview of the July Cyberattack
The mid-2024 theft severely affected WazirX’s operations and eroded user trust. Since the incident, the company and its parent organization have implemented restructuring and enhanced security measures to close the gaps exposed by the hack.
WazirX emphasized that freezing the assets is an essential part of their recovery strategy. The exchange continues to reaffirm its dedication to collaborating with all involved parties, ensuring a transparent and methodical resolution process.
With over $230 million stolen, the July 2024 breach stands out as a significant event in India’s cryptocurrency landscape, igniting conversations about the need for regulatory changes and stronger security protocols within the crypto industry.