WazirX Boosts White Hat Recovery Reward to $23 Million
Following a recent cyber attack that saw over $230 million stolen from a multi-signature wallet, WazirX has increased its White Hat recovery reward by 10%. The reward now stands at an impressive $23 million, aiming to incentivize white hat hackers, cybersecurity specialists, and blockchain analysts to assist in recovering the stolen funds.
Bounty Program Announcement
In response to the theft, WazirX has launched a Bounty Program to engage global experts in the field. Initially offering a 5% reward amounting to $11.5 million, the exchange later decided to raise it to 10% following feedback from blockchain investigator ZachXBT. This decision was made in an effort to encourage more participation and increase the chances of successful fund recovery.
WazirX is calling on white hat hackers, blockchain forensics experts, and cybersecurity professionals from around the world to join forces in this critical mission. The exchange aims to protect the integrity of its platform and ensure the safety of its users’ funds.
WazirX Launches Bounty Program to Recover Stolen Funds
WazirX has recently announced a bounty program to recover stolen funds from a recent hack. The program consists of two parts: Track and Freeze and White Hat recovery.
Details of the Bounty Program
The “Track and Freeze” part of the program offers a reward of up to $10,000 USDT for information that will help freeze the stolen funds. On the other hand, the White Hat recovery part offers a reward of 10% of the recovered amount for individuals who successfully recover the stolen funds.
Duration and Possibility of Extension
The bounty program will be active for three months from the date of announcement. However, based on the results and requirements, there is a possibility of an extension or reduction in the duration of the program.
Founder Denies Phishing Attack
Nischal Shetty, the founder of WazirX, has clarified that the recent hack was not a result of a phishing attack. He explained that the incident involved signatures from different WazirX devices with separate hardware wallets, along with one from their custody provider, Liminal.
Security Breach at WazirX Exchange
Recently, WazirX, a popular cryptocurrency exchange, experienced a security breach that resulted in the loss of funds from three wallets. An external forensic audit is currently being conducted to verify the extent of the breach.
Investigation and Response
According to WazirX CEO, Nischal Shetty, the hardware keys of the compromised wallets were not accessed during the attack. The breach required multiple signatures from different locations and parties, including WazirX and Liminal. The latter’s team confirmed that their systems were not breached.
Following the incident, WazirX has reported the breach to the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In). The exchange has also reached out to over 500 other exchanges to block the identified addresses associated with the breach.
Security Measures and Recovery
WazirX is currently conducting a thorough security review and forensic data assessment to address the vulnerabilities that led to the breach. The platform is working to resume normal operations and has assured users that withdrawals will be available soon.
In a recent tweet, CEO Nischal Shetty praised the team for their efforts in resolving the issue. He acknowledged that resolving the security breach will take time, but they are committed to restoring trust and security for their users.
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