WazirX Exchange Begins Recovery Efforts, Places Bounty on Hacker

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WazirX, one of India’s biggest crypto exchanges, has launched an all-out effort to catch the brains behind its recent attack. In a recent post on the X social media platform, the exchange outlined several action plans, including a bounty program, that would help it recover the stolen assets and bring the bad actors to book.

WazirX Responds to Cyber Attack, Collaborates with Authorities and Other Exchanges

According to the firm, it has already launched an investigation into the attack to find out how it came about and forestall similar occurrences in the future. WazirX has also reported the incident to the appropriate authorities — the Financial Intelligence Unit (FIU) and CERT-In.

The firm also claims to have reached out to over 500 exchanges to help block the identified addresses of the attackers to make its recovery efforts easy. Part of its statement reads:

“Our immediate plans include tracing the stolen funds, recovering customer assets, and conducting a deeper analysis of the cyber attack. We are collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators.”

Meanwhile, it might also be worth noting that WazirX does not plan to stop at merely freezing the said accounts. According to co-founder Nischal Shetty, the team is putting a bounty program together. Per Shetty, this program will spur individuals to quick action and help WazirX achieve its aim in good time. By engaging several experts, WazirX assures its customers that the recovery process will be as swift as possible.

The Attack

Earlier this week, WazirX was the target of a security breach that led to the loss of over $230 million in crypto assets. While there were rumours of links to a North Korean group of hackers, the hack was unarguably the second-largest of a centralized exchange in recent times. That is, after the DMM exploit that took place on May 31, leading to the loss of $305 million.

According to popular crypto investigator ZachXBT, the wallet of the alleged main attacker in this hack still holds over $104 million in funds.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.