Indian cryptocurrency exchange WazirX has successfully frozen $3 million in USDT as part of their ongoing efforts to recover funds that were stolen during a massive $230 million hack that occurred in July 2024. This significant milestone was confirmed by the platform in a recent update on X, demonstrating their commitment to protecting user funds and rebuilding trust after the security breach.
In a statement shared on their official platform, WazirX expressed their dedication to the recovery process, with co-founder Nischal Shetty emphasizing their relentless pursuit of retrieving the stolen assets. The company has been implementing various strategies to compensate affected users, including restructuring initiatives and plans to launch a decentralized exchange (DEX) to bolster user security.
Shetty reassured users that the fund recovery efforts are nearing completion, and once the rebalancing process is finalized, the recovered funds will be reflected in user accounts. The industry has also shown support for WazirX in the aftermath of the attack, with initiatives such as CoinDCX expressing interest in acquiring WazirX to assist in the recovery process.
CoinDCX co-founder Sumit Gupta stated their readiness to provide resources to help affected users, pending court and creditor approvals. Additionally, CoinSwitch launched a $70 million recovery program called “CoinSwitch Cares” to aid WazirX users impacted by the breach. This program allows users to estimate recoveries, deposit funds, and earn rewards through a dedicated portal.
Overall, the collaborative efforts within the crypto industry demonstrate a sense of solidarity and a shared goal of supporting affected users and fostering the growth of the Indian crypto community. WazirX’s dedication to fund recovery and user protection serves as a testament to their commitment to rebuilding trust and ensuring the safety of their platform.