- In the wake of a significant security breach leading to the loss of extensive cryptocurrency holdings, WazirX has initiated an official bounty program.
- The Indian crypto exchange is incentivizing individuals to help track and recover the stolen digital assets.
- This program aims to strengthen the security framework and retrieve millions of dollars worth of various cryptocurrencies, including Shiba Inu (SHIB) and Ethereum (ETH).
WazirX launches a groundbreaking bounty program to recover millions in stolen cryptocurrency assets, inviting experts globally to contribute.
WazirX Announces Bounty Program to Recover Assets
Via their official X (formerly Twitter) account, WazirX revealed the commencement of a bounty program, designed to tackle the recent cyberattack on one of its Multisig wallets. This initiative is set to focus on retrieving the assets stolen by malicious entities.
Details of the Hack and Initial Response
On July 18, WazirX faced a sophisticated attack where hackers managed to steal approximately $234.9 million in cryptocurrencies, including ETH, PEPE, and USDT. A considerable portion of this theft involved over $100 million in SHIB tokens taken from their Multisig wallet. Initially, WazirX co-founder Nischal Shetty disclosed a reward of $11.5 million for information and recovery of the stolen funds. However, the bounty was subsequently increased to 10% of the stolen assets, raising the total potential reward to $23 million.
Invitation to White Hat Hackers and Cybersecurity Experts
WazirX is extending an invitation to white hat hackers, cybersecurity professionals, and blockchain forensics experts worldwide to join this effort. By collaborating, the aim is to safeguard the integrity of the cryptocurrency ecosystem. Detailed insights into the bounty program and reward structure were shared through an official blog post by WazirX.
Structure and Rewards of the Bounty Program
The bounty program consists of two tiers of rewards. The first tier offers up to $10,000 in USDT for those who can provide actionable intelligence that aids WazirX in identifying, tracking, and potentially freezing the exploited funds. The second tier provides a more substantial reward—10% of the recovered assets—to those who play a direct role in their recovery. The rewards can be dispensed in USDT or the recovered assets, depending on WazirX’s decision.
Eligibility and Program Duration
WazirX outlined the eligibility criteria in their blog post. Open to all except current and former employees and their families, the bounty program mandates participants to submit detailed methodologies for tracking stolen assets and maintain confidentiality of information. The program is set to run for three months from the announcement date, with potential adjustments in the timeframe as needed.
Conclusion
Through this bounty program, WazirX not only aims to recover the stolen assets but also reinforces its commitment to securing the crypto space. This initiative highlights the importance of robust security measures and the collaborative efforts required to confront and mitigate cyber threats in the cryptocurrency realm.
