Indian crypto exchange WazirX announced on Friday, January 17, 2025, that it has successfully frozen $3 million worth of stolen assets. This move comes as part of its ongoing efforts to recover funds lost during a significant cyberattack last year.
WazirX Reaches Major Milestone in Fund Recovery Efforts
In an official statement, WazirX confirmed the recovery of assets valued at $3 million in USDT. Founder Nischal Shetty emphasized the the crypto exchange‘s determination to recover the stolen funds, stating that every possible measure is being taken to ensure maximum recovery under a structured plan.
The company disclosed that this recovery represents the first successful attempt to retrieve assets that were compromised in the July 2024 incident, when over $230 million was stolen. The cyberattack, the largest ever reported in India’s cryptocurrency sector, highlighted vulnerabilities within the decentralized finance ecosystem and sparked widespread scrutiny of digital asset security practices.
📢 Recovery Update: ~$3M USDT Frozen
As part of the ongoing recovery efforts following the cyberattack, ~$3M USDT has been successfully frozen. This marks an important milestone in safeguarding user interests and recovering stolen assets.
🔍 Why This Matters:
» Rapid Action:… pic.twitter.com/VIn7fEeOcr
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 17, 2025
Zettai Pte, the Singapore-based parent company of WazirX, has been actively collaborating with various entities to trace and recover the stolen assets. These efforts involve law enforcement agencies, forensic investigators, legal advisors, and other authorities. The company stated that its objective is to identify the assets’ trail and provide appropriate resolutions for affected users.
A Brief Look At The July Hack
The theft, which occurred in mid-2024, significantly impacted the platform’s operations and user confidence. Since then, WazirX and its parent company have undertaken restructuring efforts while implementing enhanced security protocols to address vulnerabilities exposed during the incident.
According to WazirX, the freezing of assets is a crucial step in their comprehensive recovery initiative. The exchange reiterated its commitment to working closely with all stakeholders, ensuring a transparent and systematic approach to resolving the fallout of the attack.
The July 2024 heist remains one of the most notable events in India’s crypto space, with over $230 million stolen in what has been described as the country’s largest crypto-related theft. The incident has prompted ongoing discussions about regulatory frameworks and the need for stronger safeguards within the cryptocurrency sector.
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