“As part of the ongoing recovery efforts following last year’s cyber attack, WazirX has managed to freeze the first tranche of assets worth USD 3 million USDT stolen during the cyber attack,” WazirX said in a statement.
Following the recovery efforts of stolen assets, while the platform goes through restructuring process, Zettai (WazirX parent) is working in partnership with law enforcement agencies, forensic experts, investigative officers as well as legal experts to trace and recover stolen assets while charting. . Best course of action for all affected users of the platform, it added.
It may be mentioned here that in July 2024, WazirX’s parent firm Zettai Pte was hacked in which over $230 million was stolen from its platform. The crypto heist, the largest of its kind in India, prompted a thorough examination of security measures and a waning of sentiment around the decentralized world of cryptocurrencies.
“Efforts to recover stolen assets are fully underway and moving in the right direction – between on-chain forensic work and legal avenues against third parties involved in the hack and subsequent decommissioning, the company is well-positioned to maximize the recovery of stolen assets. Benefit to scheme creditors under,” said Jason Kardachi, managing director and co-head of the global restructuring practice, Kroll said.
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