The WazirX hacker moved $57 million in stolen funds, primarily 16,350 Ether, to new wallets.
WazirX has launched bounty programs totaling $33 million to aid in recovering stolen assets.
The hacker converted $149 million in altcoins to Ether, a common tactic for laundering stolen funds.
The WazirX hack has recently seen a significant development, with the attacker transferring $57 million in stolen cryptocurrency, including 16,350 Ether, which has been split between two new wallet addresses.
Most of the funds, exceeding $54 million, were sent to the address “0x58d.” Following the nearly $230 million loss from the Indian cryptocurrency exchange, this move ranks among the main cyberattacks of 2024.
#PeckShieldAlert The #WazirX Hacker -labeled addresses has transferred ~16.35K $ETH (worth ~$57m) to 2 new addresses pic.twitter.com/AYqwXYxN15
— PeckShieldAlert (@PeckShieldAlert) July 22, 2024
WazirX launches Recovery’s Bounty Programs
In response to the massive breach, WazirX has introduced two bounty programs designed to help trace and recover the stolen assets. The first initiative, the track and freeze bounty, offers up to $10,000 in Tether for valuable intelligence that could lead to freezing the stolen funds. This program aims to encourage the community to assist in halting the illicit movement of assets.
Moreover, WazirX has implemented a second program known as the white hat recovery bounty which rewards ethical hackers with up to 10% of the recovered amount. WazirX has doubled the maximum reward to $23 million following community feedback. Currently, 54 white hat hackers have signed up to participate in the recovery efforts.
The Shift to Ether and Recent Security Issues
The decision to convert stolen funds into Ether is a common tactic among hackers. Ether’s lack of built-in freezing capabilities makes it a preferred choice for laundering illicitly obtained assets. This is evident from the recent conversion of $149 million in altcoins to Ether by the WazirX hacker.
This theft occurred during a particularly challenging period for the cryptocurrency sector, which also saw another significant security breach. Shortly after the WazirX incident, Rho Markets was exploited for nearly $8 million. Unauthorized access to the platform’s blockchain oracle facilitated this theft.
Fortunately, Rho Markets managed to recover the funds and resume operations. Additionally, the popular Telegram-based game Hamster Kombat was targeted by phishing attacks aimed at stealing player credentials and cryptocurrency wallets.
The ongoing efforts to trace and recover the stolen funds underscore the complexities of cryptocurrency security. As WazirX and the broader crypto community work to address these challenges, vigilance remains essential to protecting digital assets from future threats.
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