Indian cryptocurrency exchange WazirX has frozen $3 million in USDT as part of its recovery from a $230 million hack in July 2024. In a Jan. 17 update, WazirX emphasized its commitment to safeguarding user funds and rebuilding trust.
Co-founder Nischal Shetty assured users that the recovery process is nearing completion, with plans to reflect recovered funds in user accounts soon.
Recovery Measures: WazirX has undertaken restructuring initiatives and is developing a decentralized exchange (DEX) to enhance security.
Industry Support via CoinDCX Interest: CoinDCX has expressed willingness to acquire WazirX and deploy resources to assist affected users, pending court and creditor approvals.
CoinSwitch Cares Initiative: CoinSwitch launched a $70 million program to support impacted users by offering recovery tools, deposit options, and rewards.
The collaborative efforts highlight the resilience of the Indian crypto ecosystem as WazirX strives to recover stolen assets and restore user confidence.
Image Credit: Pixabay
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