Nischal Shetty is now optimistic about authorities in South Korea, Japan and the United States, who have announced efforts to recover hacked funds.
WazirX was a popular crypto trading exchange in India. It was once a subsidiary of Binance, but due to a conflict, Binance distanced itself from WazirX and until now, the dispute is active in a Singapore court. In July 2024, this exchange faced a hacking incident and lost 45% of customer funds; Until then, the services of this exchange were suspended. The leadership of this exchange is seeking regulatory approval and support from WazirX customers to restart the exchange’s service, subject to compliance.
In the latest developments, the United States, Japan and South Korea issued a joint statement addressing cryptocurrency thefts by hackers linked to the Democratic People’s Republic of Korea (DPRK), including the Lazarus Group, who use stolen funds to finance weapons programs.
Last year, major theft attacks amounted to more than $600 million. The joint statement emphasized efforts to recover stolen funds and prohibit similar type attacks in the future through public-private collaboration. They also call for stricter cybersecurity measures to fight these hacker groups.
WazirX CEO Nischal Shetty noted that the WazirX cyber incident in which the exchange lost $235 million in cryptocurrency is also mentioned.
The CEO of WazirX said that he is now praying for the success of this joint operation against these hackers so that the WazirX team can return the funds to the customers.
Despite a diverse approach to reach a perfect stage to restart the exchange’s services, Nischal faces huge criticism from WazirX clients. Due to legal limits, WazirX has no authority to return funds to customers blindly, but people call him a scammer.
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