Nischal Shetty, the CEO of WazirX, is feeling hopeful as authorities in South Korea, Japan, and the USA have announced efforts to recover the funds that were hacked from the popular crypto trading exchange. WazirX, which was once a subsidiary of Binance, faced a hacking incident in July 2024 where 45% of customer funds were lost, leading to the suspension of services.
In a recent development, 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, including the notorious Lazarus Group. These hackers have been using stolen funds to finance weapons programs, with last year’s total theft attacks amounting to over $600 million. The joint statement emphasizes the need for collaboration between public and private sectors to recover stolen funds and prevent future attacks, calling for stronger cybersecurity measures to combat these hacking groups.
Nischal Shetty has acknowledged the mention of the WazirX cyber incident in the joint statement, where the exchange lost $235 million worth of cryptocurrencies. He expressed his support for the joint operation against these hackers in the hopes of returning the funds to WazirX customers.
Despite facing criticism from WazirX customers, Nischal is working towards restarting the exchange’s services while navigating legal boundaries. While the exchange does not have the authority to release funds back to customers without following proper protocols, some individuals have labeled him as a scammer. However, Nischal remains committed to resolving the situation and ensuring that customers are eventually reimbursed.
In the midst of these challenges, Nischal Shetty remains optimistic and determined to overcome the obstacles facing WazirX. As the exchange seeks regulatory approval and support to resume operations under compliance, Nischal’s leadership will be crucial in navigating the aftermath of the hacking incident and rebuilding trust with customers.