In response to a significant cyberattack, WazirX, one of India’s leading cryptocurrency exchanges, has launched a bounty program aimed at freezing and recovering stolen assets.
The exchange detailed several immediate actions in a post on X, including filing a police complaint and reporting the incident to the Financial Intelligence Unit (FIU) and CERT-In.
WazirX’s co-founder, Nischal Shetty, also posted separately, stating that the exchange is contacting over 500 other exchanges to block the identified addresses linked to the stolen funds.
“Cooperation from these exchanges is crucial as the stolen assets move through various platforms,” Shetty emphasized.
To incentivize the freezing and recovery of stolen assets, WazirX is preparing a bounty program.
This initiative is part of their broader strategy to enhance efforts in tracing the stolen funds.
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The team is also engaging with expert groups specializing in tracking cryptocurrency transactions to provide continuous monitoring and support during the recovery process.
WazirX expressed gratitude for the support from the broader Web3 ecosystem, highlighting the necessity for a collective effort to resolve the issue and uphold the ethos of Web3 communities.
Shetty noted that the team is currently analyzing data to understand the extent of the damage caused by the attack.
“This analysis is crucial for formulating an effective recovery plan and ensuring that all possible measures are taken to address the impact on customer funds,” Shetty stated.
In addition to internal efforts, WazirX is collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators.
This collaboration aims to ensure justice for the culprits and maximize the recovery of stolen assets.
The WazirX breach resulted in a substantial loss of approximately $235 million, making it the second-largest hack of a centralized exchange in recent times, only surpassed by the DMM exploit on May 31, which saw a loss of $305 million.
Crypto investigator ZachXBT revealed in a Telegram post on the “Investigations by ZachXBT” channel that the alleged main attacker’s wallet still holds over $104 million in funds, which have yet to be offloaded.
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