As a seasoned crypto investor with several years of experience under my belt, I cannot help but feel a pang of unease as yet another major exchange, WazirX, falls victim to a devastating hack. The news of the $235 million loss is disheartening, and it’s only made worse by the recent surge in phishing scams attempting to exploit this situation.
Over the past 24 hours, approximately X users have expressed worries about receiving fraudulent emails in light of the recent million-dollar hack on cryptocurrency exchange WazirX. Meanwhile, the platform’s administration is actively implementing recovery strategies for the stolen assets.
Malicious Actors Exploit WazirX Hack With Phishing Scams
As a crypto investor, I’ve been closely monitoring the developments surrounding the unfortunate hacking incident at WazirX on July 18. The exchange suffered a sophisticated attack, during which hackers managed to breach the security of one of its multisig wallets and made off with approximately $235 million worth of assets. In the aftermath of this incident, it seems that some nefarious actors are trying to capitalize on the situation and create further chaos in the market.
On July 19, under the handle Aditya Chakraborty on X, there was a post featuring screenshots of an intriguing email. The sender of this message, who claimed to represent WazirX, attempted to deceive by proposing compensation for users affected by a hack through the introduction of a new token called WZA.
The email read:
In response to the recent security incident, WazirX is taking steps to make things right for our users. We’re introducing a new token called WZA, which will be distributed as part of a compensation plan. The amount each user receives will depend on the value of their lost assets. We aim to initiate this process within the next month.
An additional piece of information in the email was a link to a website for initiating the refund process. Yet, some X users, including Chakraborty, have labeled this email as potentially fraudulent.
As a researcher studying the cryptocurrency industry, I’d like to add my voice to Sumit Gupta’s recent warning on July 20. As the CEO of CoinDCX, he urged all cryptocurrency users to exercise caution and double-check the authenticity of any emails they receive. To ensure safety, it’s essential to verify the sender’s email address and thoroughly examine any website links before taking action.
WazirX To Launch Bounty Program To Recover Assets
On Saturday, Nischal Shetty, the CEO of WazirX, outlined in a post the measures being taken by the exchange to retrieve the pilfered assets after the hack that transpired on July 18. Shetty disclosed that WazirX is conducting a thorough assessment of the security breach’s magnitude and has collaborated with specialists to monitor the ongoing movement of the stolen funds.
WazirX Team is actively working on next steps.
As a researcher involved in our team’s project, I’m working on designing a bounty program to assist us in recovering or freezing stolen assets.
— Nischal (Shardeum) (@NischalShetty) July 20, 2024
WazirX has taken additional steps to seek help from other exchanges, adhering to established law enforcement and regulatory procedures. Additionally, they plan to initiate a bounty program, where independent experts will be rewarded for their efforts in tracing down the hackers and recovering the stolen funds. The term “bounty” refers to a predetermined monetary compensation paid to these experts.
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2024-07-21 10:56