After almost two months, WazirX tracked down $113,000 of the $234 million lost in July.
Famous Indian crypto trading suffered a hack in July that affected one of its multisig safe wallets, losing about $234 million of users’ assets. Since the incident, the unidentified exploiter has been active, withdrawing the stolen funds to various unknown wallets.
Although the firm has yet to recover the entirety of the funds, it has recently frozen $113,000, worth about 0.05% of the stolen funds.
WazirX Freezes $113k
Following July’s security breach, the exploiter stole various tokens, converting a large quantity to ETH. He moved about $34 million the same day, sending about $113k worth of crypto to exchanges. He has processed other recorded transactions with the remaining amount.
As part of WazirX’s actions against the attack, it reached out to other exchanges across the globe to freeze transactions from the hacker-identified wallet “0x04b2” and other addresses related to the exploiter.
As revealed by CryptoIndia, Binance received $7.4k, while the ChangeNOW exchange got $106k from the hacker’s address. Assisting WazirX in tracking down the exploiter, both exchanges have frozen the $113.4k received from the hacker and are closely monitoring transactions from the hacker-related addresses. However, about $21.46k remains in the hacked WazirX’s exchange wallet and is yet to be frozen.
WazirX Hack Update
WazirX has taken significant steps to retain its customers while trying to recover stolen funds and repay clients. Recently, it partnered with Zettai Pte, a cybersecurity solution firm, to address user balances and speed up funds recovery.
Additionally, the exchange has filed for a moratorium with the Singapore High Court, requesting a six-month extension period to restrategize, collaborate with relevant stakeholders, and decide how to repay customers while operating in India.
Amidst WazirX’s dilemma, rival crypto exchange CoinSwitch has claimed that about $9.6 million of its funds are stuck in the hacked exchange. It has not received any updates on when full recovery will be possible, so it is threatening to take legal action against WazirX.
Moreover, WazirX has resumed Indian Rupee (INR) withdrawals, allowing users to withdraw up to 66% of their balances.