In the world of cryptocurrency, security breaches can have devastating effects. WazirX, one of India's leading cryptocurrency exchanges, recently faced such a challenge. Following a significant security breach that resulted in the theft of crypto assets worth Rs 1880 crore ($230 million), WazirX has launched an unprecedented bounty programme. This Rs 188 crore ($23 million) initiative aims to recover the stolen assets and enhance the platform's security.
About WazirX
WazirX is a prominent cryptocurrency exchange in India, known for facilitating the buying, selling, and trading of digital assets. Catering to both novice investors and seasoned traders, WazirX specializes in a wide array of cryptocurrencies and blockchain technologies.
Details of the Attack and Bounty Programme
The breach compromised WazirX’s Safe Multisig wallet on the Ethereum network, prompting immediate action from the company. On July 21, 2024, WazirX initiated a three-month bounty programme with potential extensions based on the progress of asset recovery. The programme offers two distinct bounties:
1. Track and Freeze Bounty: Participants providing actionable intelligence leading to the freezing of stolen funds can earn up to Rs 8 lakh ($10,000) in USDT (Tether). Collaboration with WazirX is required for those unable to freeze the funds themselves.
2. White Hat Recovery Bounty: This bounty encourages ethical hackers and cybersecurity experts to assist in recovering the stolen assets. Participants can earn a reward equivalent to 10% of the recovered amount, potentially up to Rs 188 crore ($23 million). This offer extends to the hacker responsible for the breach, provided the stolen funds are returned to a specified ERC20 wallet address.
From WazirX Hack to Crypto Security
The incident has raised significant concerns within the crypto community, emphasizing the urgent need for robust security measures. Experts highlight that collaborative efforts are essential to prevent such breaches and protect digital assets.
Company Statement
"Our foremost goal is to recover the stolen funds. This bounty programme is designed to tap into the expertise of the community to achieve this critical objective. We remain committed to transparency and collaboration, reinforcing our dedication to a secure and resilient digital finance ecosystem,"
Conclusion
WazirX's proactive approach to addressing the breach underscores its dedication to cybersecurity. By launching this bounty programme, the exchange aims to protect its users' assets and ensure trust and reliability in the ever-evolving crypto landscape. This initiative not only aims to recover stolen funds but also reinforces the importance of community-driven efforts in enhancing cybersecurity measures across the industry.
Comments