WazirX Sets Aside $12 Million to Recover Stolen Crypto, Pay Legal Costs

WazirX, the Indian cryptocurrency exchange hit by a cyberattack in July, has set aside $12 million to recover stolen crypto and pay legal costs. The Singapore-based company, Zettai Pte Ltd, filed an affidavit in the High Court of Singapore, seeking a 30-day moratorium to stabilize the platform by engaging with investors and creditors. The attack led to the theft of $230 million in various cryptocurrencies, including $102 million worth of Shibu Inu tokens. WazirX has suspended withdrawals and is working to restore user funds. The company is also exploring options to distribute users’ assets and is in discussions with potential investors to inject capital for the recovery. Additionally, WazirX is dealing with a dispute with Binance, complicating the situation further. Experts have been hired to trace the stolen assets and block identified wallet addresses.