After the $234.9 million hack, the Indian crypto exchange WazirX filed an application with law enforcement agencies and began preparations to recover client assets.
📢 Update: In response to the cyber attack, we have filed a police complaint and are pursuing additional legal actions. We will keep the community updated as we proceed.
» Immediate Actions: We have reported the incident to the Financial Intelligence Unit (FIU) and CERT-In.…
"We have reported the incident to the Financial Intelligence Unit of India and CERT-In. We have contacted more than 500 exchanges to block identified addresses. Many platforms are cooperating, and we are actively working with them to find additional resources to restore [funds]," the publication says.
WazirX co-founder Nishal Shetty wrote a separate post in which he reported on the preparation of a reward program. The initiative is designed to help in the "freezing or recovery" of stolen assets.
WazirX Team is actively working on next steps.
1. We’re preparing a bounty program to help us freeze/recover the stolen assets
2. Further discussions on continuous tracing of fund movements, we’re in touch with a few teams that claim to be experts at this.
3. We’ve informed all…
The exchange's team is also negotiating with several expert groups that specialize in tracking cryptocurrency transactions, Shetty added.
"We have informed other trading platforms. Someone answered, someone else did not. We are watching this. Their support in recovery will be crucial as the stolen funds are moved," he said.
The team is currently analyzing the data to understand the extent of the damage. According to the co-founder of the company, this "unprecedented attack on one of the largest crypto exchanges in India has negatively affected the entire Web3 ecosystem."
Earlier, Elliptic analysts tracked the movement of funds stolen from WazirX. They concluded that North Korean hackers were behind the hacking.
Recall that in early 2022, the exchange was accused of tax evasion in the amount of more than $ 6 million.
In August of the same year, the Law Enforcement Department of the Ministry of Finance of India suspected WazirX of laundering $350 million. According to media reports, the regulator froze the assets of the platform for $8.16 million as part of the case. The company later regained access to the accounts due to her cooperation with the investigation.