WazirX is an Indian cryptocurrency exchange that has frozen USDT worth $3 million as part of its efforts to recover stolen funds from a hacking incident in July 2024, which resulted in $230 million being taken.
In a January 17th update, the platform said that this step demonstrates its commitment to protect user funds and restore trust following the breach.
The statement is:
“As part of the ongoing recovery efforts following the cyberattack, $3 million USDT has been successfully frozen. This marks an important milestone in safeguarding user interests and recovering stolen assets.”
WazriX Co-Founder Nischal Shetty The fund recovery revealed that the company was “fully committed to recovering the stolen funds”The’and “leaving no stone unturned to maximize recoveries under a scheme.”
In the last few months, various reimbursement measures have been implemented by the platform. They include restructuring and plans for a DEX to improve user security.
Shetty assured users that recovery is close to completion. He added that once rebalancing has been completed, the funds will be reflected in the user’s account.
Support for Industry
The crypto community has demonstrated its solidarity to WazirX since the attack through a variety of initiatives.
CoinDCX – a major Indian crypto exchange – expressed an interest last month in purchasing WazirX in order to help in the recovery.
CoinDCX founder Sumit Gupta has revealed that, subject to approval by the court system and creditors, his company will be ready to provide assistance to affected users.
Gupta has stated that:
“Should the WazirX team approach us, and subject to court/creditor approvals, we are willing to step in and help. We are even prepared to deploy some capital from our own funds to assist affected users and help them recover their losses as much as possible.”
CoinSwitch, on the other hand launched a recovery program worth $70,000,000 called “CoinSwitch Cares”Help WazirX’s users affected by this breach. Through a dedicated web portal, users can calculate their estimated recoveries and deposit money. They can also earn rewards.
The firm’s co-founder Ashish Singhal said:
“The program aims not only to give users an opportunity to recoup losses but also ensure growth of the Indian crypto community.”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
