WazirX Launches Reward Programs Following Multimillion-Dollar Cyber Attack on Multi-Signature Wallets

• India’s leading cryptocurrency exchange, WazirX, has announced a bounty program following a recent cyberattack on one of its multisig wallets.
• The company has invited its community to participate in two distinct bounty programs.
• Significant rewards include up to 10,000 USDT for actionable intelligence and White Hat Recovery bonuses.

Delve into the latest initiatives by WazirX to fortify security and recover stolen funds amidst one of the largest cyber breaches in India’s crypto sector.

WazirX Introduces Bounty Programs Post-Cyberattack

In response to a recent cyberattack, WazirX, India’s preeminent cryptocurrency exchange, has rolled out two bounty programs aimed at tracking and freezing stolen assets. The first, dubbed “Track and Freeze,” offers rewards up to 10,000 USDT for actionable intelligence leading to the freezing of pilfered funds. The second, “White Hat Recovery,” grants a 5% premium of recovered amounts to ethical hackers who assist in retrieving stolen assets.

The Magnitude of the Attack

WazirX has reported that hackers siphoned off over $230 million worth of user assets, making it one of the largest cyber intrusions on an Indian exchange. Describing the event as a “force majeure incident,” the company stated that it has blocked several deposits and is collaborating with top-tier resources to facilitate recovery. As a security measure, WazirX has temporarily halted rupee and cryptocurrency withdrawals on its platform.

Preliminary Findings and Cause of the Breach

Initial investigations by WazirX revealed that the cyberattack stemmed from discrepancies between data shown in Liminal’s interface—an independent digital asset custody and wallet infrastructure provider—and the actual transaction content. The inconsistency allowed attackers to exploit vulnerabilities, leading to substantial asset losses.

Conclusion

WazirX’s quick response with the implementation of bounty programs underscores the exchange’s commitment to security and user asset recovery. The initiatives not only encourage community involvement but also harness the expertise of white-hat hackers to bolster cybersecurity efforts. With ongoing investigations and collaborative recovery efforts, WazirX aims to restore confidence and secure the platform against future threats.