Indian cryptocurrency exchange WazirX announced a significant step in recovering funds lost during last year’s massive hack. They’ve frozen $3 million worth of USDT, a stablecoin, linked to the $230 million heist.
A Milestone in Recovery
WazirX calls this a major breakthrough in their efforts to return stolen assets to users. Freezing these funds prevents them from being moved further, aiding the recovery process. The exchange emphasizes its commitment to recovering as much as possible and rebuilding user trust.
The Aftermath of the Hack
The July 2022 hack saw over $230 million in cryptocurrency stolen. Some of the stolen funds were laundered through Tornado Cash, a cryptocurrency mixing service. WazirX previously attempted to reverse transactions and restore user balances to their pre-hack state, but resuming withdrawals proved impossible due to insufficient funds. The exchange is working towards a legally sound solution to fairly distribute remaining assets and resume withdrawals.
Legal Action and Potential Culprits
The company behind WazirX, Zettai Pte Ltd, recently petitioned the Singapore High Court to hold a creditor meeting to vote on a recovery plan. Investigations suggest the Lazarus Group, a North Korean hacking group known for its digital asset heists, may be responsible for the attack.
