In a major development, WazirX, India's largest cryptocurrency exchange, has announced a bounty program following a major $230 million security breach. The incident, which occurred this week, involved suspicious transactions from the exchange's multisig hot wallet, resulting in the movement of nearly quarter billion dollars worth of crypto to a new address.
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The breach has seen the compromised address actively exchanging various digital assets for ETH. Among the notable transactions was a withdrawal of 5.4 trillion Shiba Inu (SHIB), valued at $102.13 million, transferred from WazirX.
Hunt begins
As WazirX moves forward with these efforts, the focus remains on securing the recovered funds and preventing further losses. Thus, in response to this cyber attack, WazirX has unveiled a bounty program aimed at recovering the stolen assets. The program includes two key components.
First, the "Track & Freeze" bounty, which offers rewards up to $10,000 worth of USDT for actionable intelligence that leads to freezing the stolen funds.
Second, the "White Hat Recovery" bounty provides a 5% incentive of the recovered amount as a reward for those who assist in the recovery process.
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The total bounty for recovering the assets is $11.5M https://t.co/dcICjZeFzv
— Nischal (Shardeum) 🔼 (@NischalShetty) July 21, 2024
The total bounty available for asset recovery is set at $11.5 million, as reported by Nischal Shetty, founder and CEO of WazirX.
