WazirX Launches Bounty Program to Recover $230 Million in Stolen Shiba Inu (SHIB)

• WazirX, India’s leading cryptocurrency exchange, has introduced a bounty program following a significant $230 million security breach.
• The breach entailed suspicious transactions from the exchange’s multisig hot wallet, shifting nearly a quarter billion dollars in crypto to a new address.
• One prominent transaction included the transfer of 5.4 trillion Shiba Inu (SHIB), worth approximately $102.13 million, from WazirX.

Discover the latest on WazirX’s $230 million security breach and the proactive measures they’re taking to recover stolen assets.

WazirX Launches Bounty Program in Response to Massive Security Breach

The announcement comes on the heels of this week’s security incident, which saw nearly $230 million siphoned from WazirX’s multisig hot wallet. The breached account has been actively exchanging stolen digital assets for Ethereum (ETH), with one of the most significant movements being a withdrawal of 5.4 trillion Shiba Inu tokens.

Details of the Bounty Program

WazirX’s new initiative to address this breach includes a comprehensive bounty program designed to recover the stolen assets. The program consists of two main components: the “Track & Freeze” bounty and the “White Hat Recovery” bounty. The “Track & Freeze” initiative will reward up to $10,000 in USDT for actionable information that helps in freezing the stolen assets. Meanwhile, the “White Hat Recovery” bounty offers a 5% recovery incentive of the recovered assets for individuals aiding in their retrieval.

Community and Industry Reactions

The cryptocurrency community has been abuzz with reactions to the breach and WazirX’s subsequent measures. Nischal Shetty, CEO and founder of WazirX, noted that the total bounty available for asset recovery stands at $11.5 million. This proactive move aims to harness community effort and expertise in securing the lost assets while emphasizing the importance of cybersecurity within the crypto space.

Conclusion

WazirX’s robust response to the $230 million security breach demonstrates a significant commitment to safeguarding assets and upholding trust within the cryptocurrency community. The introduction of a substantial bounty program underscores the exchange’s resolve to recover the stolen funds and prevent future incidents. As efforts continue, the crypto industry will keenly observe the outcomes of this initiative and the measures that other exchanges may adopt to fortify their security protocols.