WazirX takes steps to restore stolen funds in a recent hack.
The exchange is in touch with field experts over the issue.
The attack was unprecedented and negatively affected the entire Web3 ecosystem.
The WazirX team has informed its users’ community of the latest steps taken to restore the funds stolen from the platform during a recent hack. Per multiple reports, hackers exploited the WazirX crypto exchange on July 18, transferring about $235 million from its Safe Multisig ETH wallet to a new address.
WazirX Team is actively working on next steps.1. We’re preparing a bounty program to help us freeze/recover the stolen assets2. Further discussions on continuous tracing of fund movements, we’re in touch with a few teams that claim to be experts at this.3. We’ve informed all…
— Nischal (Shardeum) 🔼 (@NischalShetty) July 20, 2024
Meanwhile, the crypto exchange’s spokesperson, Nischal, took to X to highlight their steps to recover the stolen funds, including preparing a bounty program to help them freeze and recover the stolen assets. According to Nischal, the WazirX team is discussing continuous tracing of the funds’ movement and is in touch with a few teams claiming to be field experts.
Nischal noted other steps the team is taking, including informing other crypto exchanges about the incident. According to him, some have responded, while the team is following up on those that were yet to respond. He believes the support of other exchanges will be crucial as the stolen funds move from one exchange to another.
Notably, Nischal noted two crucial steps the WazirX team is taking to track the stolen funds. According to him, the team is analyzing data to understand the extent of the damage and is working on further law enforcement and regulatory procedures.
The spokesperson acknowledged the attack was unprecedented and had negatively affected the entire Web3 ecosystem while thanking everyone from the industry who is lending their support to help resolve it. However, he appealed for more support and help from the crypto community members.
According to Nischal, working together would enable the Web3 ecosystem to find solutions that would preserve the community’s ethos and bring hope to future participants.
The post WazirX Spokesperson Addresses Community Over Recent Hack appeared first on Coin Edition.
