WazirX, an Indian cryptocurrency exchange, has announced that it has frozen USDT worth $3 million in connection with the $230 million hack of its platform.
WazirX claims that the freezing represents “an important milestone” for recovering user assets.
Why This Matters:
>> Quick Action: The freezing of funds prevents them from moving and aids in the recovery process.
>> Recovery is the main focus: We are taking every measure to recover funds and address any impact of cyber-attacks.
Commitment to users: Each amount recovered and frozen strengthens our mission of safeguarding assets to rebuild trust.”
Hackers stole more than $230,000,000 worth of crypto assets in July last year and have been laundering some of them through Tornado Cash, a mixing platform.
WazirX said in August that it would rollback all trades, restore account balances, and restore the previous withdrawal status of July 18, but also stated it had not yet been possible to resume cryptocurrency withdrawals.
Due to the cyberattack, and the loss of an important balance of ERC-20 Tokens due to thefts of tokens by users on the platform, the available token assets are not sufficient to cover the obligations arising from token balances that are owed to them.
It is important to resume cryptocurrency withdrawals in an equitable way. This can only be done as part of a legally binding solution that users have agreed upon and approved, according to voting thresholds defined by law. To be able to return cryptocurrency withdrawals to a fair and equitable level, it is important that the solution used by users to reach an agreement on is legally-binding. The voting thresholds must also be legally established.
Zettai Pte Ltd (the company operating WazirX) filed a request with the Singapore High Court for permission last month to call a meeting and allow its creditors to vote on the recovery plan.
ZachXBT, the crypto sleuth reported that the hack appeared to be traceable back to the Lazarus Group. This is a notorious North Korean digital asset hacking group.
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The post Crypto Exchange WAZIRX Freezes USDT Worth $3,000,000 Related to the Massive Hack of $230,000,000 Last Year may be updated as new information becomes available.
