The US, Japan, and South Korea, in a joint statement, have blamed state-backed North Korean hackers for the $235 Mn hack at Indian cryptocurrency exchange WazirX last year.
The trio attributed the WazirX hack to Democratic People’s Republic of Korea (DPRK), based on detailed “industry analysis”.
“In 2024 alone, our governments have individually and jointly attributed multiple thefts, denominated in virtual asset value in US dollars, to the DPRK… The United States and Republic of Korea additionally attribute to the DPRK, based on detailed industry analysis, thefts last year against WazirX for $235 Mn and Radiant Capital for $50 Mn,” said the statement.
It added that the three governments will work together to prevent thefts and recover stolen funds.
Reacting to the announcement, WazirX cofounder Nischal Shetty, in a post on X, called for swift international action and support to recover the crypto exchange’s stolen assets.
“Joint statement from the United States, Japan, and South Korea addressing the alarming cyberattacks by DPRK cyber actors, including the WazirX hack. This is a critical moment. We urge swift international action and support to recover the stolen assets. Rest assured, we will leave no stone unturned in our pursuit of justice,” said Shetty.
It is pertinent to note that the Indian authorities, including the Financial Intelligence Unit (FIU), the Intelligence Bureau (IB), and the Indian Computer Emergency Response Team (CERT-In), have been probing the hack.
The development comes months after it emerged that WazirX was hit by India’s largest crypto heist in July 2024. As much as $235 Mn worth of cryptocurrencies was stolen from one of its wallets hosted on Liminal, an institutional digital asset custody platform.
Thereafter, the crypto exchange announced a white hat bounty programme to recover the stolen funds and offered up to 10% ($23 Mn) to those helping uncover the stolen assets. The company also filed an FIR with the Special Cell of the Delhi Police against unknown persons, while the exchange’s Singapore-based operating entity Zettai Pte Ltd filed for a moratorium in Singapore High Court.
It was also reported at one time that WazirX was in talks with 11 crypto exchanges for a possible acquisition.
In July, the exchange also proposed a controversial socialised loss strategy, which pitched a 55-45 approach to facilitate management of the remaining user funds. As per the proposed terms, 55% of user crypto assets were to be made available for trading or withdrawals and the remaining 45% were to be converted to Tether-equivalent tokens and locked until WazirX recovered the stolen assets. However, the company rescinded the plan after uproar from customers.
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