Indian cryptocurrency exchange WazirX has introduced a $23 million bounty program to recover $230 million lost in a recent wallet breach. The breach impacted their multisig Ethereum wallet, causing significant losses and forcing the exchange to halt withdrawals and trading.
To tackle this, WazirX is asking white hat hackers, blockchain experts, and cybersecurity professionals around the world to assist in retrieving the stolen funds.
WazirX Launches $23M Bounty Program for Crypto Recovery
WazirX’s bounty program has two main components: “Track & Freeze” and “White Hat Recovery.” The “Track & Freeze” initiative offers rewards of up to $10,000 in USDT for information that leads to freezing the stolen assets. The “White Hat Recovery” initiative promises ethical hackers a 10% reward of the recovered amount, which could be as high as $23 million, making it one of the largest bounties in the crypto industry.
The program will run for three months, with possible adjustments depending on progress. Those interested in participating should email bounty@wazirx.com with their intent, contact details, and a detailed submission including addresses, transactions, and methods used for tracking and recovering the stolen funds.
WazirX’s Ongoing Efforts to Recover Stolen Funds
Despite the hurdles, WazirX is dedicated to recovering the stolen assets. Co-founder Nischal Shetty emphasized that their top priority is to reclaim the lost funds.
The company initially claimed that the breached wallet was managed by Liminal’s digital asset custody and wallet infrastructure. However, Liminal disputed this, stating their investigation found the hack stemmed from three compromised devices at WazirX’s end.
Recovering the stolen funds is challenging due to blockchain’s anonymity and irreversible transactions. The stolen assets were quickly converted into Ethereum and other cryptocurrencies, then spread across multiple addresses. Privacy tools like Tornado Cash further obscure the transactions, making it extremely difficult to trace the stolen funds.
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