WazirX Announces Major Bounty to Recover $100 Million in Shiba Inu (SHIB) and More

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As a seasoned crypto investor who has lived through numerous market fluctuations and cyber attacks, I can’t help but feel a mix of emotions upon hearing about WazirX’s recent $230 million security breach. The incident is a stark reminder that the cryptocurrency space remains an inherently risky environment, where even established exchanges are not immune to hacking attempts.

Significant news: WazirX, India’s leading cryptocurrency platform, unveiled a reward scheme in response to a significant security incident. This week saw the exploitation of the exchange’s multisig hot wallet, causing approximately $230 million in crypto assets to be transferred to an unfamiliar wallet address.

The compromise at this point has led to the actively traded compromised address swapping different digital assets for ETH. One significant transaction involved a withdrawal of approximately 5.4 trillion SHIB, equivalent to around $102.13 million, being moved from WazirX.

Hunt begins

Moving forward after the cyber attack on WazirX, the priority lies in safeguarding the pilfered funds and minimizing additional damages. In reaction to this incident, WazirX has launched a reward scheme to retrieve the stolen property. This initiative encompasses two essential elements: [Component 1] and [Component 2].

Initially, there is a reward of up to $10,000 in USDT for information that results in the freezing of stolen funds through the “Track & Freeze” program.

Alternatively, those who help recover funds in the “White Hat Recovery” program will receive a 5% reward in the form of a bounty, based on the total amount that is successfully retrieved.

The total bounty for recovering the assets is $11.5M

— Nischal (Shardeum) 🔼 (@NischalShetty) July 21, 2024

Nischal Shetty, the founder and CEO of WazirX, announced that a grand sum of $11.5 million is allocated for recovering assets.

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2024-07-21 19:10