After roughly four months of recovery efforts, WazirX, the largest crypto exchange to have operated in India, has frozen $3 million in USDT from last year’s devastating $230 million security breach in July.

This comes as WazirX undergoes “restructuring proceedings” and works to “trace and retrieve stolen assets,” a statement shared with Decrypt reads.

Freezing a portion of the stablecoins associated with the incident marks WazirX’s first significant breakthrough in a complex recovery effort that spans multiple legal proceedings across jurisdictions.

In November last year, WazirX co-founder Nischal Shetty revealed in a town hall meeting that the exchange is working on recovery efforts and has plans to reopen trading by February this year.

Recovery efforts and lawsuits

The massive security breach that took place last year in July compromised 45% of the exchange’s reserves.

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Author: Vince Dioquino