WazirX Moves To Recover $150 Million In Shiba Inu, Ethereum And Others With Bounty Program

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As a seasoned cybersecurity analyst with extensive experience in the crypto space, I’m closely following WazirX’s recent announcement of a bounty program to recover the stolen assets from the hack attack that occurred on their platform. Having witnessed numerous cyberattacks in my career, I appreciate the proactive approach WazirX is taking by launching this bounty program and inviting experts from around the world to join forces and protect the crypto ecosystem.

After experiencing a hack that led to the theft of substantial amounts of Shiba Inu (SHIB), Ethereum (ETH), and other coins, WazirX has initiated an official bounty scheme. This well-known Indian cryptocurrency exchange intends to compensate anyone who contributes to the recovery process of the stolen assets.

WazirX Announces Bounty Program To Recover Assets

WazirX, via its official account (previously Twitter), announced the initiation of a bounty program in reaction to the recent hack on one of their Multisig wallets. The Indian exchange’s team expressed their intentions to use this program for recovering the stolen assets from malicious actors.

As a cryptocurrency analyst, I’d rephrase that statement as follows: On July 18, I identified unauthorized access to the WazirX platform by malicious actors. The intrusion resulted in the theft of approximately $234.9 million in value from the exchange, comprised of Ethereum (ETH), PEPE, Tether (USDT), and other cryptocurrencies. Additionally, over $100 million worth of Shiba Inu (SHIB) tokens were stolen during this attack from WazirX’s secure Multisig wallet.

At first, Nischal Shetty, a co-founder of WazirX, announced on July 21 that the exchange would award a bounty of $11.5 million for returning the stolen funds. Subsequently, the WazirX team adjusted the reward, raising it to as much as 10% of the taken assets, equivalent to approximately $23 million.

International cybersecurity specialists, including hackers, blockchain investigators, and cybersecurity professionals, have been extended invitations by WazirX, the Indian cryptocurrency exchange, to participate in their bounty program. The aim is to safeguard the security of the crypto ecosystem. Through an official blog post, WazirX provided further insights into the specifics of this program and its corresponding incentives.

Based on the information provided in the exchange, there are two rewards available in the program. The first reward grants up to $10,000 in USDT to those who successfully identify, monitor, and report intelligence leading to the freezing of exploited funds for WazirX or themselves.

The second reward is for helping WazirX retrieve stolen assets. Those who successfully recover the assets will receive a 10% share of the total sum as recognition. WazirX holds the right to pay out this incentive in USDT or the recovered funds at their own discretion.

Requirements For The WazirX Bounty Program

In their blog entry, WazirX specified the duration of their bounty initiative, mentioning that it will last for a span of three months, commencing on the day of the announcement. However, this timeframe is flexible and can be adjusted – extended or shortened – at the discretion of WazirX without prior consultation with the program participants.

Based on my experience as a seasoned researcher and analyst, I’d rephrase the given statement as follows: From my perspective, the announcement unveiled a series of prerequisites to partake in the WazirX bounty program. Notably, this opportunity is accessible to all, with the exception of current and previous employees of WazirX and their family members. Furthermore, participants are obliged to share intricate details about their methodologies and maintain strict confidentiality regarding any submitted information.

WazirX Moves To Recover $150 Million In Shiba Inu, Ethereum And Others With Bounty Program

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2024-07-23 00:41