WazirX Hack: Indian Exchange Announces $11M Bounty
Release: 2024/07/21 22:30 Reading: 267
WazirX Hack: Indian Exchange Offers $11 Million Bounty
Following a significant security breach earlier this week, Indian cryptocurrency exchange WazirX has announced an $11 million bounty program. The exchange hopes to enlist the public's assistance in tracking down the stolen funds.
Details of the Hack
On July 18, WazirX fell victim to a major hack that resulted in the loss of approximately $230 million. The perpetrator absconded with a significant amount of altcoins, including:
- 5.4 trillion SHIB (Shiba Inu)
- 15,298 Ethereum
- 20,501,141 MATIC
- 640.2 billion PEPE
Bounty Program
In an effort to recover the stolen funds, WazirX has established a two-tiered bounty program:
- Track & Freeze: Individuals can assist in tracing the flow of the stolen assets. A $10,000 reward is offered for any information leading to the identification and freezing of wallets associated with the hack.
- White Hat Recovery: The exchange will provide a 5% reward on any amount recovered through this initiative.
Past Success of Bounties
WazirX believes that such bounty programs have proven effective in the past. The platform hopes that this strategy will facilitate the swift and efficient recovery of the stolen funds.
Caution Advised
In the wake of the hack, industry experts have cautioned against phishing emails promising compensation. Users are urged to exercise vigilance and adopt precautionary measures to safeguard their digital assets.
Conclusion
The WazirX hack underscores the ongoing need for vigilance in the cryptocurrency industry. The exchange's bounty program represents a significant investment in recovering the stolen funds and demonstrates its commitment to security and customer protection.
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