In a surprising turn of events, Nischal Shetty, the CEO of the popular Indian crypto exchange WazirX, announced the recovery of $3 million worth of cryptocurrencies out of the $235 million that were stolen by North Korean hackers in 2024. The exchange had been a target of hackers affiliated with the notorious North Korean hacking group Lazarus, resulting in a significant loss of funds for the customers.
Following the cyber incident, WazirX had suspended its services as the leadership worked towards getting regulatory approval to restart operations. However, on 17th January 2024, Nischal Shetty revealed that the WazirX team had successfully recovered a portion of the stolen funds, signaling a positive step towards addressing the security breach. He emphasized that this was just the beginning and that efforts were ongoing to recover more funds.
The news of the recovery was met with praise from the crypto community, with many influencers commending the WazirX team for their efforts. However, there were also voices of skepticism, with some questioning the authenticity of the recovery and calling for on-chain proof to verify the claims made by WazirX.
Critics of the exchange pointed out that the recovered amount was relatively small compared to the total funds lost, leading to concerns about the impact on affected customers. Some even raised questions about how the exchange planned to reimburse customers for the legal battles, PR costs, and restructuring expenses incurred in the aftermath of the cyber incident.
Despite the mixed reactions, the trade price of WazirX’s native token, $WRX, saw a significant surge of 23% within 24 hours of the recovery announcement. This uptick in value reflected a sense of optimism among investors and traders, signaling a potential recovery for the exchange in the future.
As WazirX continues its efforts to recover the remaining stolen funds and restore trust among its customer base, the crypto community remains vigilant and hopeful for a positive resolution to the cyber incident. Stay tuned for more updates on this developing story.
And for more exciting news in the world of cryptocurrency, don’t forget to check out the launch of $Jio Coin on the Polygon network by Reliance Jio’s subsidiary, JioSphere. Exciting times lie ahead for the crypto space!