Highlights
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.
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.
https://twitter.com/BuddhaSource/status/1814991415434248453?ref_src=twsrc%5Etfw” rel=”nofollow
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.
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.
Read More: Bitcoin Price Analysis As Smart Money Continues Buying Spree; Is $75k Next?
21Shares updates its Sui ETF application with the U.S. Securities and Exchange Commission (SEC). The…
Following US President Donald Trump's announcement of a prison pardon to Binance founder Changpeng Zhao…
The crypto market is bracing for volatility after the U.S. President announced the termination of…
Coinbase CEO Brian Armstrong has said he expects the long-awaited U.S. crypto market structure bill…
Bitcoin surged above $111,000 after confirmation that President Donald Trump and Chinese President Xi Jinping…
U.S. President Donald Trump has reportedly pardoned Binance founder Changpeng "CZ" Zhao for his conviction…