In a significant breakthrough following the $234 million hack of WazirX, one of India’s largest cryptocurrency exchanges, authorities have managed to freeze $113,000 worth of stolen cryptocurrency. The funds were seized as part of an ongoing investigation, offering a glimmer of hope to affected users and the broader crypto community. This development marks an important step in the recovery process as WazirX works with global crypto exchanges and authorities to track the stolen Crypto assets.
Breakdown of Recovery Efforts
So far $113,000 worth of digital assets have been frozen across multiple exchanges, a significant move in the wake of the massive breach. On the day of the hack, the attackers attempted to launder some of the stolen funds by transferring them to different cryptocurrency platforms. Authorities and crypto exchanges were able to act swiftly, collaborating to freeze the transferred funds before they could be converted or moved further.
Changenow, a popular crypto exchange known for its fast swaps and anonymity, froze $106,000 worth of cryptocurrencies.
Binance, the world’s largest cryptocurrency exchange, froze $7,400 worth of crypto assets that were originally stolen from the WazirX platform.
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Investigation authorities have reported that $21,460 worth of stolen cryptocurrency remains in the hacker’s wallet on WazirX’s platform itself. Despite these funds being within WazirX’s systems, they have not yet been frozen due to ongoing efforts to ensure that any recovery does not affect user operations or trigger a chain of events that could allow the hacker to move the funds.
Binance and Changenow’s Role in Recovery
Binance, which has been involved in a legal dispute with WazirX over ownership claims, has nonetheless played an active role in freezing the stolen cryptocurrencies. Binance’s security team worked quickly to identify and lock down the hacker’s account, preventing the movement of $7,400 worth of stolen crypto.
Similarly, Changenow, a platform known for its instant crypto swaps, acted promptly in freezing the hacker’s funds. The platform’s quick reaction highlights the growing cooperation among crypto exchanges to combat theft and fraud in the space. Both platforms have pledged to continue working with WazirX and authorities to recover as much of the stolen assets as possible.
Yesterday, we reported that a WazirX hacker laundered $10 million worth of cryptocurrencies through the Tornado Cash platform.
Here people need to understand that a frozen amount of funds is a very small drop in the ocean.
Read also: Mastercard Launches Euro Crypto Debit Card
WazirX Makes Progress in Recovering Funds: $113K of Stolen Crypto Frozen from $234 Million Hack
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