WazirX Recovers $3 Million in USDT Following Hack
Indian cryptocurrency exchange WazirX has successfully frozen $3 million in USDT as part of its ongoing efforts to recover funds stolen during a major hack that occurred in July 2024. This significant development highlights WazirX’s commitment to protecting user assets and rebuilding trust in the aftermath of the security breach.
Progress Update
In a recent update on X, WazirX confirmed the successful freezing of $3 million in USDT, marking a crucial milestone in the recovery process. The platform emphasized its dedication to safeguarding user interests and reclaiming stolen assets.
Co-founder Nischal Shetty expressed confidence in the firm’s efforts, stating that WazirX is fully dedicated to retrieving the stolen funds and exploring all possible avenues to maximize recoveries.
Reimbursement Initiatives
Over the past few months, WazirX has implemented various measures to compensate affected users, including restructuring initiatives and plans to launch a decentralized exchange (DEX) to enhance user security. Shetty reassured users that the recovery process is nearing completion and that the recovered funds will soon be reflected in user accounts once the final rebalancing is completed.
Industry Support
Since the security breach, the wider cryptocurrency industry has rallied behind WazirX through a series of supportive initiatives. CoinDCX, another prominent Indian crypto exchange, has expressed interest in acquiring WazirX to assist in the recovery efforts. Co-founder Sumit Gupta stated that CoinDCX is prepared to allocate resources to help affected users pending court and creditor approvals.
On the other hand, CoinSwitch launched a $70 million recovery program called “CoinSwitch Cares” to aid WazirX users impacted by the hack. This initiative allows users to estimate recoveries, deposit funds, and earn rewards through a dedicated portal. Co-founder Ashish Singhal emphasized that the program aims to not only help users recover losses but also promote growth within the Indian crypto community.