WazirX Exchange Offers Bounty to Recover $235M Stolen
— In response to a recent cyberattack, WazirX, one of India’s top cryptocurrency exchanges, launched a bounty program to recover stolen assets. Following the breach, WazirX filed a police complaint. The company reported the incident to the Financial Intelligence Unit (FIU) and CERT-In.
Image Title: “WazirX Cyberattack Response Update. Source: WazirXonx
WazirX’s co-founder, Nischal Shetty, shared that the exchange is reaching out to over 500 other exchanges to block the identified addresses associated with the stolen funds. Furthermore, cooperation from these exchanges is crucial as the stolen assets move through various platforms.
WazirX Next Steps After Cyberattack. Source: Nischal Shetty WazirX Launches Bounty Program to Recover Stolen Assets
The company introduced a bounty program to incentivize individuals and entities to help freeze or recover the stolen assets. Shetty stated,
“The WazirX team is working tirelessly to trace the stolen funds and bring those responsible to justice.”
The exchange is in discussions with expert groups specializing in tracking cryptocurrency transactions. Moreover, these experts will provide continuous monitoring and support throughout the recovery process. Additionally, WazirX expressed gratitude for the support from the broader Web3 ecosystem and emphasized the need for a collective effort to resolve the issue.
Efforts Underway to Recover $235M Stolen in Cyberattack
WazirX is collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators. This collaboration aims to ensure that the culprits are brought to justice and that as much of the stolen assets are recovered as possible. The breach resulted in a significant loss of approximately $235 million, making it the second-largest hack of a centralized exchange in recent times.
Suspicious Transactions Alert on WazirX. Source: Cyvers Alerts
Crypto investigator ZachXBT revealed on Telegram that the alleged main attacker’s wallet still holds over $104 million in funds. These funds have yet to be offloaded. This information is crucial for tracking and recovering the stolen assets.
WazirX Hack Details and Stolen Funds. Source: Investigations by ZachXBT on DeBank
The comany is currently analyzing data to understand the extent of the damage caused by the cyberattack. This analysis is critical for formulating an effective recovery plan and addressing the impact on customer funds.
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