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- WazirX freezes $3M in stolen funds, showing progress in $235M hack recovery.
- Investigations link North Korea to the WazirX hack and other crypto thefts.
- WazirX launches Recovery Token plan to compensate investors after a massive hack
WazirX has frozen $3 million in stolen assets after a $235 million cryptocurrency hack. The exchange shared this recovery update. This action highlights the exchange’s determination to recover funds and rebuild trust with its customers.
The hack impacted millions of users, making it one of India’s largest cryptocurrency thefts. Zettai, WazirX’s parent company, has partnered with law enforcement and forensic experts to track stolen funds. The platform’s efforts reflect its commitment to resolving this serious breach.
Active Measures to Retrieve Stolen Funds
WazirX continues to assure users of its dedication to recovering lost assets. Founder Nischal Shetty emphasized the exchange’s ongoing recovery efforts. He appreciated the support of users during this difficult period for the company.
Jason Kardachi, Managing Director at Kroll, provided insights into the recovery process. He mentioned using forensic tools and legal actions to retrieve assets. These measures aim to recover as much as possible for creditors under the recovery scheme.
Despite these steps, many investors have expressed concerns about the hack’s impact. WazirX has consistently promised transparency throughout the recovery process.
Links to North Korea and Recovery Token Plan
In November, WazirX launched a Recovery Token scheme to compensate affected customers. The tokens were distributed based on user balances. This plan is part of the exchange’s broader strategy to address customer losses.
Meanwhile, international authorities linked North Korea to the WazirX hack. Reports suggest the country’s involvement in other crypto thefts. These include the $308 million DMM Bitcoin theft and the $50 million Upbit hack.
WazirX has committed to updating users as recovery efforts continue. The exchange is determined to resolve the situation and restore user confidence.