WazirX Freezes $3 Million in Stolen USDT Following Cyber Attack
Indian crypto exchange WazirX has recovered approximately $3 million in stolen assets following a cyberattack last year. This marks the first successful recovery since the breach, which resulted in losses exceeding $230 million.
Key Developments
- WazirX froze $3 million USDT from stolen funds.
- The recovery is part of ongoing efforts to reclaim more stolen assets.
- Collaboration with law enforcement and forensic experts facilitated the recovery.
- Nischal Shetty, WazirX Founder, reaffirmed the commitment to trace and recover stolen assets.
- The platform aims to enhance security measures to prevent future breaches.
Background of the Cyberattack
The attack occurred in July 2022, attributed to North Korean hackers exploiting a flaw in Liminal's digital asset custody infrastructure. Following the incident, WazirX terminated its partnership with Liminal Custody.
Support for Affected Users
CoinSwitch has launched a "CoinSwitch Cares" program with a $69.9 million fund to help affected WazirX users, offering rewards over two years. However, this initiative has faced criticism for being perceived as a marketing strategy rather than direct compensation.