WazirX has announced an ambitious $23 million bounty program to recover assets stolen during a recent cyberattack. This drive, envisioned by co-founder Nischal Shetty, aims to mobilize communities worldwide for monitoring, freezing, and, in the end, recovering stolen money.
Reportedly, the attack was rather specific, aimed at one of the WazirX multisig wallets, and caused the loss of $230 million. In response to this increased threat, WazirX has developed the bounty program into two segments optimized for asset recovery.
The first component, “Track & Freeze,” provides bonuses of up to $10,000 worth of USDT for giving information to freeze the stolen funds. This incentive is precisely positioned to motivate those who have essential information to report to the authorities, enabling the responsible agencies to freeze the funds.
The second component, referred to as “White Hat Recovery,” is particularly notable for providing a 10% reward of the recovered amount, up to a staggering $23 million, for ethical hackers and cybersecurity experts who play a pivotal role in the recovery process. Such a massive reward also underlines WazirX’s sound commitment to the involvement of the white hat specialists in tackling the breach effectively and helping recover the stolen value.
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Global Community Involvement and Strategic Measures
Nischal Shetty highlighted the global community’s significant need for this elaborate restoration exercise, declaring on social network X that the bounty program is intended to elicit worldwide participation. Furthermore, the company that has contributed significantly to the security of WazirX has also highlighted that its platform was not breached during the attack, with Liminal pointing out that it was not hacked. They got hold of the transactions, and their forensic report indicates they came from infected computers within the firm.
Besides initiating the bounty program, WazirX has adopted several measures to meet the breach: The exchange has made a comprehensive police complaint through legal authorities and reported the matter to FIU and CERT-In of India. In addition, WazirX has taken the initiative of engaging over 500 exchanges to prevent the culprits behind the heist from selling or transferring the identified addresses linked to the stolen funds.
This bounty program covers all the forms of bounty in total, and it is planned to last for the first three months starting from the day the announcement is made. Still, WazirX may prolong or shorten this time as needed due to the circumstances and the program’s efficiency. Besides recovering the stolen assets, WazirX wants to make a point for the whole crypto community and solicit the help of the community and ethical hackers while encouraging moral values.
Ultimately, WazirX’s $23 million bounty program represents a significant and multifaceted approach to addressing and recovering from a major cyberattack. The widespread coverage of the initiative within the global audience, along with targeted cooperation with cybersecurity specialists, demonstrates the exchange’s constant dedication to protecting its users and the rest of the cryptocurrency community from the threats thrown at them while simultaneously working to build the stability and security of the digital financial system.
Also Read: WazirX Faces Security Breach as $235 Million in Funds Moved Suspiciously
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.