India’s largest cryptocurrency exchange, WazirX, has temporarily paused trading on its platform amid an ongoing investigation into a substantial asset theft totaling $230 million. On July 21, WazirX also announced a bounty program to incentivize ethical hackers to assist in recovering the stolen assets. The exchange is offering rewards of up to $10,000 in USDT and a 10% incentive from White Hat Recovery, which could amount to up to $23 million.
Earlier, WazirX had temporarily halted withdrawals after one of its multisig wallets was hacked, compromising its private keys. A multi-sig wallet is a type of crypto wallet that requires two or more private keys to unlock and withdraw funds.
In a post on X, WazirX stated, “The cyber attack theft has impacted our ability to maintain 1:1 collaterals with assets, and we’ve temporarily paused trading.” The exchange assured its users that it is “conducting thorough forensic data examination and security audit procedures and working to enable withdrawals soon. User safety remains our top priority.”
WazirX’s bounty program aims to engage ethical hackers to help track and freeze the stolen assets. For actionable intelligence that leads to freezing the funds, the exchange is offering up to $10,000 in USDT. Additionally, a second bounty offers a 10% incentive from White Hat Recovery, which could total up to $23 million.
According to WazirX’s proof of reserve report from last month, as of June 10, 2024, at 6:30 PM, WazirX’s total holdings were Rs. 4,203.88 Crores (USDT 503.64 Million). This significant hack means the exchange has potentially lost nearly half of its holdings.
In conclusion, WazirX is taking extensive measures to recover the stolen assets and ensure user safety. As part of their efforts, they are actively seeking assistance from ethical hackers and offering substantial rewards for actionable intelligence. If you have any information that could aid in recovering the stolen assets, please participate in WazirX’s bounty program.
Stay updated with the latest developments and consider joining WazirX’s bounty program if you have the necessary skills to assist in this recovery effort.
