WazirX Boosts Bounty Reward to $23 Million After Cyber Attack
Following a significant cyber attack resulting in the loss of over $230 million from a multi-signature wallet, WazirX has decided to increase its White Hat recovery reward by 10%, now totaling $23 million. This move aims to recuperate the stolen funds and enhance security measures on the platform.
Bounty Program Enhancement
The exchange introduced a Bounty Program to initiate a global effort involving white hat hackers, cybersecurity experts, and blockchain analysts. Originally set at 5%, or $11.5 million, the reward was amplified to 10% following valuable feedback from blockchain investigator ZachXBT.
- The bounty program invites global participation
- White hat hackers can earn up to $23 million
- Specialists in cybersecurity and blockchain analysis are encouraged to join
WazirX’s Specific Bounties
WazirX has established two distinct bounties to target the recovery of stolen funds. The first, “Track and Freeze,” offers up to $10,000 USDT for information enabling the freezing of the stolen assets. The second bounty involves a reward of 10% of the recuperated amount for those successful in recovering the stolen funds.
- “Track and Freeze” provides up to $10,000 USDT
- 10% reward for White Hat recovery
The bounty program is slated to run for three months from its announcement, with potential extensions or reductions based on outcomes and requirements. Additionally, following the cyber attack, trading on WazirX was temporarily suspended to address asset ratio maintenance challenges.
Confirmation of Non-Phishing Attack from WazirX’s Founder
Founder of WazirX, Nischal Shetty, clarified on X that the recent security breach was not a result of a phishing attack. He detailed that the incident involved signatures from three distinct WazirX devices equipped with separate hardware wallets across geographically diverse locations, in addition to one from Liminal, the platform’s custody provider.
- Assurance of no compromise on WazirX devices based on initial analysis
- External forensic audit underway for confirmation
- Police report filed with Financial Intelligence Unit and CERT-In
- Contact made with over 500 exchanges to block identified address
Shetty emphasized that the hardware keys of the three wallets were secure, considering the attack necessitated four unique signatures from separate locations and entities. Liminal affirmed that their systems remained intact. WazirX continues to engage in a security review, forensic data assessment, and communication with users to assure a quick return to normal operations.
Resolution Efforts and Ongoing Investigations
Shetty praised the team’s dedication to resolving the issue in a recent tweet, highlighting the ongoing efforts to restore normalcy on the platform and ensure the safety of user withdrawals. The platform has taken proactive measures to enhance security protocols and prevent future breaches.
Hot Take: Amplified Bounty Reward and Enhanced Security Measures
By boosting the White Hat recovery reward to $23 million and conducting thorough security reviews following the cyber attack, WazirX exhibits a firm commitment to protecting user funds and enhancing platform security. The implementation of specific bounties and global engagement of cybersecurity experts underscore the platform’s dedication to recovering stolen assets and fortifying its defenses against potential threats. Stay updated on WazirX’s security initiatives to secure your assets effectively.
Sources:
By
By
By
