WazirX, a leading cryptocurrency exchange in India, has launched a bounty program to address the recent cyberattack that resulted in a significant loss of assets. The program aims to freeze and recover the stolen funds, demonstrating the exchange’s commitment to safeguarding customer assets and maintaining platform security.
Immediate Response to Cyberattack
In a recent post on X (formerly Twitter), WazirX detailed the immediate measures taken following the cyberattack. These steps include filing a police complaint and notifying the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In).
WazirX co-founder Nischal Shetty also announced efforts to collaborate with over 500 cryptocurrency exchanges to block the addresses linked to the stolen assets. This widespread cooperation is essential to track and halt the movement of the stolen funds across different platforms.
Bounty Program and Expert Collaboration
To enhance their recovery efforts, WazirX is preparing a bounty program to incentivize individuals and entities to assist in freezing or recovering the stolen assets. The exchange is also engaging with expert groups specializing in cryptocurrency transaction tracking to provide continuous monitoring and support during the recovery process.
Shetty expressed gratitude for the support from the broader Web3 community, emphasizing the need for collective action to resolve the issue and uphold the principles of Web3.
Also Read: Protect Yourself from Phishing Scams After WazirX Hack
Data Analysis and Forensic Collaboration
WazirX is currently analyzing data to assess the extent of the damage caused by the attack. This analysis is vital for developing an effective recovery plan and mitigating the impact on customer funds.
In addition to internal efforts, WazirX is working with forensic experts and law enforcement agencies to identify and apprehend the attackers. This collaboration aims to bring the perpetrators to justice and recover as much of the stolen assets as possible.
Significant Financial Impact
The WazirX breach resulted in an estimated loss of $235 million, making it the second-largest hack of a centralized exchange recently. This follows the DMM exploit on May 31, which saw a loss of $305 million.
According to crypto investigator ZachXBT, the main attacker’s wallet still holds over $104 million in funds that have yet to be moved. This information highlights the urgency of WazirX’s efforts to recover the stolen assets and secure their platform.
