WazirX, India’s largest cryptocurrency exchange, has found itself at the center of a major cyberattack that resulted in the theft of $230 million from one of its multisig wallets. As a response, the exchange has temporarily halted trading on its platform, following an earlier suspension of withdrawals after the compromising of the wallet’s private keys. The company is taking multiple steps to recover the stolen funds, including launching a Bounty Program that offers rewards for valuable information and assistance in retrieving the assets.
The Bounty Program, as outlined in an official release, consists of two key opportunities for community participation. The “Track & Freeze” initiative offers rewards of up to $10,000 in USDT for actionable intelligence that leads to freezing the stolen funds. On the other hand, the “White Hat Recovery” program offers a 10% reward of the recovered amount, with a maximum of $23 million, to white hat hackers who assist in recovering the assets. The program is set to be active for three months from the date of the announcement, with a possibility of extension or adjustment based on evolving needs and results.
To qualify for the Bounty Program, participants must provide detailed submissions, maintain confidentiality, and refrain from sharing information with third parties. The company emphasized the importance of expertise and collaboration in securing and recovering the stolen funds. In addition to launching the Bounty Program, WazirX has also implemented mitigation measures to address the cyberattack, such as filing complaints with relevant authorities and reaching out to other exchanges to block identified addresses linked to the theft.
To ensure asset safety, WazirX has temporarily suspended deposits and withdrawals, as well as paused all trading activities for a comprehensive examination of affected systems, forensic data, and security audit. The exchange is actively working with cybersecurity experts to support its investigation and recovery efforts. Despite the breach having a significant impact on users and raising concerns about digital asset security, WazirX is committed to analyzing forensic data and determining effective recovery strategies.
While WazirX has started tracking and blocking some of the stolen funds, further details about these efforts are pending. The exchange has assured users of regular updates and transparency as they navigate through the aftermath of the cyberattack. The incident serves as a reminder of the vulnerabilities in the cryptocurrency space and underscores the ongoing need for stronger security measures in the industry.
As the story continues to unfold, The Cyber Express will provide updates on the situation to keep readers informed of any new developments. Stay tuned for more information as it becomes available.