Investigators have frozen $3 million of stolen cryptocurrency after a major cyberattack of WazirX that happened six months ago in India.
On July 18, 2024, the attack occurred, and it resulted in the theft of over $230 million in digital assets. This milestone indicates that investigators have identified part of the stolen funds, bringing victims closer to recovering their assets.
After that, Zettai Pte Ltd, the parent company of WazirX, has been working with law enforcement agencies, forensic experts, and legal teams to trace and recover the stolen funds. On January 14, the United States, the Republic of Korea, and Japan released a joint statement blaming the theft on North Korean hackers from the Democratic People’s Republic of Korea (DPRK).
Nischal Shetty, founder of WazirX, stated, “This is just the beginning.” He also emphasized the company is dedicated to getting back the money that was stolen and will stop at nothing to maximize recovery under a plan.
Jason Kardachi, Managing Director at Kroll, was assisting with WazirX’s restructuring. He explained that a combination of blockchain forensic analysis and legal actions against parties involved in the theft will be used to recover more funds for creditors.
However, the slow progress underscores the difficulty of navigating such cases, particularly with international actors like North Korean hackers.
