WazirX freezes first tranche of stolen funds, approximately worth $3M USDT

 As part of the ongoing recovery efforts following last year’s cyberattack, WazirX has been successful in freezing the first tranche of assets that were stolen during the cyberattack , worth ~$3M USDT, the company said in a press release on January 17.

Abiding by their efforts of recovery of Stolen Assets while the platform goes through restructuring proceedings, Zettai has been working in partnership with law enforcement agencies, forensic experts, investigating authorities as well as legal experts to trace and retrieve stolen assets while charting the best course of action for all of the Platform’s affected users, the company said.

“This is just the beginning; we are fully committed to recovering the Stolen Funds, leaving no stone unturned to maximise recoveries under a Scheme. We appreciate our users’ patience and support as we navigate this challenging situation together,” said Nischal Shetty, Founder, WazirX. 

“Efforts to recover Stolen Assets are fully under way and moving in the right direction – between on-chain forensic work and legal avenues against third parties complicit in the Hack and subsequent dissipation, the Company is well prepared to maximise the recovery of Stolen Assets for the benefit of Scheme Creditors under a Scheme.”, said Jason Kardachi, Managing Director and Co-Head of Global Restructuring Practice, Kroll.