azirX, an Indian crypto exchange that recently suffered a hack, announced it has launched a Bounty program to recover stolen crypto assets worth approximately US$230 million.
In a post on
In addition, they also offer an incentive of 10% of the total funds recovered, with a maximum value of up to US$23 million, through a white hat recovery bounty program.
WazirX experienced a hack on July 18, 2024 after a suspicious transaction involving the exchange's Safe Multisig wallet on the Ethereum network was detected.
The perpetrators succeeded in breaking into various types of crypto assets including Shiba Inu (SHIB), Ethereum (ETH), Polygon (MATIC), Floki (FLOKI), and several other altcoins.
Trading on WazirX Temporarily Suspended
As a result of this hack, WazirX decided to temporarily suspend trading activities as it impacted their ability to maintain 1:1 collateral with crypto assets.
WazirX Co-Founder, Nischal Shetty, said that his team is currently taking various anticipatory steps, including asking experts and more than 500 other exchanges for help to block the hacker's address so that the stolen funds can be quickly recovered.
Shetty also said his team was analyzing data to understand the extent of damage caused by the attack. This analysis is considered essential to formulate an effective recovery plan and ensure that all possible steps are taken to address the impact to customer funds.
“This is an unprecedented attack on one of India's largest crypto exchanges. This attack has negatively impacted the entire Web3 ecosystem. "I am grateful to all parties from the ecosystem who provided support to help resolve this issue," said Shetty.
Ask for help from the police
WazirX also announced that it has filed a complaint with the Indian police and reported the incident to the Financial Intelligence Unit of India (FIU-INDIA) and CERT-In.
It is also working with forensic experts and law enforcement agencies to identify and arrest the perpetrators of the hack
The exchange reminds its users to be wary of impersonators who send emails pretending to be them. WazirX asks users to “always double-check email addresses and avoid clicking on suspicious links.”
