WazirX Hack: Indian Exchange Announces $11M Bounty
Highlights
- WazirX is still looking to recover funds stolen by the hacker earlier this week
- The exchange has offered an $11 million bounty to the public
- Bounties have worked before, but will WazirX's work?
After suffering a major hack earlier this week, Indian cryptocurrency exchange WazirX has announced an $11 million bounty. This is in hopes that the public might join the hunt, which might lead to the recovery of the stolen funds.
WazirX Hack: Is The End In Sight?
After a brief halt in exchange-related hacks, the trend changed when WazirX suffered a $230 million hack on July 18. The hack was unprecedented, and the hacker siphoned away many altcoins. As reported earlier by Coingape, Shiba Inu suffered the biggest brunt as the hacker stole over 5.4 trillion SHIB. Additionally, the exploiter also stole 15,298 Ethereum, 20,501,141 MATIC and 640.2 billion PEPE among others.
In a bid to recoup this funds, the exchange said the $11 million bounty program is opened to all. The bounty is divided into two aspects including Track and Freeze and White Hat Recovery.
In the Track & Freeze option, interested participants can help track the flow of the funds. Users might win a $10,000 bounty for any action that leads to the identification and the freezing of wallets belonging to the WazirX hack mastermind.
In the White Hat Recovery, the Indian exchange said it will offer a 5% reward to any amount recovered in this campaign.
While our team is working with professional security agencies to recover funds, we are also opening a public bounty to gain wider support.
Up to 11mil for the bounty. https://t.co/m2uT4f0JPH
— Siddharth Menon | Tegro (@BuddhaSource) July 21, 2024
Bounties like this are known to yield positive results in the past. The trading platform believes this strategy might come off as a fast and more efficient means to recover the funds. The hackers might also bag the White Hat tags if they voluntarily refund the cash stolen cash. However, earlier reports confirmed that the perpetrators have converted some of the stolen assets to Ethereum.
The Need For Caution
Crypto trading platforms are often safeguarding their platforms from any threats. In the wake of this WazirX hack, CoinDCX CEO Sumit Gupta has sounded alarm that fake compensation emails are now growing at a fast pace.
This calls for caution as has been issued by many industry leaders before now. While it remains impossible to predict the next attack source, users may take precautionary measures to safeguard their assets.
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