The Indian crypto exchange WazirX says it has frozen $3 million worth of the stablecoin USDT connected to the massive $230 million hack on its platform last year.
WazirX says the freeze represents an “important milestone” in recovering user assets.
“Why This Matters:
» Rapid Action: Freezing the funds stops them from being moved and helps with the recovery process.
» Focus on Recovery: Every measure is being taken to address the cyberattack’s impact and recover additional funds.
» Commitment to Users: Every amount frozen & recovered strengthens our mission to safeguard the assets and rebuild trust.”
A hacker plundered more than $230 million worth of assets from the exchange last July and has been laundering some of the stolen crypto through the mixing platform Tornado Cash.
In August, WazirX announced it was going to roll back all trades and restore all associated account balances to what they were before the withdrawal stoppage on July 18th, but the exchange also noted it wasn’t possible to resume crypto withdrawals yet.
“Due to the cyberattack and loss of a significant balance of ERC-20 tokens as a result of the theft, there are insufficient token assets available to meet the liabilities arising from the token balances owing to users of the platform.
The nature of the cyberattack means that there will likely always be a mix of users who support and oppose various outcomes. The key to being able to resume cryptocurrency withdrawals in an equitable way is to do so as part of a legally binding solution agreed to and approved by users in line with legally defined voting thresholds.”
Zettai Pte Ltd, the company that operates WazirX, filed an application with the Singapore High Court last month for permission to convene a meeting of its creditors and vote on a recovery plan.
Crypto sleuth ZachXBT has reported the hack appears to be traceable to the Lazarus Group, a notorious digital asset hacking organization based in North Korea.
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