Six months after the cyberattack that shook the cryptocurrency space in India, WazirX exchange announced the freezing of the first tranche of stolen assets worth around $3 million. This means that the investigating entities have identified the stolen funds, bringing the victims one step closer to recovering their assets.

On July 18, WazirX experienced a cyberattack that led to theft of digital assets exceeding $230 million. The incident severely affected India’s confidence in the crypto ecosystem. Since then, Zettai Pte Ltd, the parent entity that operates WazirX, has been working with law enforcement agencies, forensic experts, investigating authorities as well as legal experts to trace and retrieve stolen assets. On January 14, the US, Republic of Korea and Japan had issued a joint statement attributing the theft to North Korean Hackers Democratic People’s Republic of Korea (DPRK).

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Commenting on the latest update, Nischal Shetty, Founder of WazirX said, “This is just the beginning; we are fully committed to recovering the stolen funds, leaving no stone unturned to maximise recoveries under a scheme. We appreciate our users’ patience and support as we navigate this challenging situation together.”

Similarly Jason Kardachi, Managing Director and Co-Head of Global Restructuring Practice at Kroll, which is handling restructuring for WazirX, said, “Between on-chain forensic work and legal avenues against third parties complicit in the hack and subsequent dissipation, the company is well prepared to maximise the recovery of stolen assets for the benefit of scheme creditors under a scheme.”

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