As a seasoned researcher with extensive experience in the cryptocurrency industry and cybersecurity, I am deeply concerned about the recent cyberattack on WazirX, which resulted in the theft of over $230 million in digital assets. The scale of this breach is alarming, and it underscores the need for robust security measures to protect users’ funds.
Following the catastrophic cyberattack on July 18, 2024, during which over $230 million in digital assets were stolen from WazirX crypto exchange, a 3-month bounty program has been initiated. Rewards worth up to an impressive $23 million are available for those who help recover the lost funds.
The bounty program can be broken down into two primary components: the “Track and Freeze Reward” and the “White Hat Recovery Reward”.
As a researcher, I would describe it as follows: I’m offering a reward of up to $10,000 in USDT for any valuable information that helps me freeze the stolen funds. You have two options: either take action and freeze the funds yourself or provide sufficient evidence to enable me to do it through WazirX. Please note that only actionable information will be rewarded, and no compensation will be given if the freezing attempt is unsuccessful.
As a seasoned investigator with years of experience in recovering stolen funds, I believe that offering a generous reward to those who help return the stolen assets is an effective incentive. In my line of work, I’ve seen firsthand how a well-designed rewards program can motivate individuals to come forward with valuable information.
Anyone who helps recover the funds and transfer them to the given ERC20 wallet address 0xf38…2611bf is eligible for this reward.
Today marks the initiation of our bounty program, designed to locate, halt, and restore purloined assets. Your assistance is essential in disseminating this information globally, enabling an army of ethical hackers from around the world to unite and recover these stolen assets.
The global community harbors a multitude of virtuous individuals…
— Nischal (Shardeum) 🔼 (@NischalShetty) July 21, 2024
WazirX announced that they would grant the reward once they have successfully recovered the stolen funds, either in USDT form or by obtaining the actual funds, at their own decision.
Bounty Program Terms and Conditions
For a three-month duration starting from the announcement date, the program will execute. However, WazirX retains the discretion to adjust this timeline should the needs of the program dictate an extension or shortening. Eligibility extends to all individuals, excluding current and past employees of WazirX and their direct relatives. To join, applicants must disclose comprehensive details such as addresses, trading records, and preferred methods for monitoring progress.
To maintain the security and privacy of the procedure, all submissions should remain confidential and must not be shared with external parties. For the Track & Freeze Reward, contestants are required to present solid proof connecting the traced addresses to the misappropriated funds and showcase methods for tracking down these funds. In the case of the White Hat Recovery Bonus, participants must employ lawful and moral tactics and provide a comprehensive explanation of their recovery strategy.
WazirX has taken action by filing a report with the police and notifying the Financial Intelligence Unit (FIU) and Computer Emergency Response Team (CERT-In) as part of their reaction.
Nischal Shetty, one of the co-founders, announced that WazirX is making contact with more than 500 cryptocurrency platforms in order to prevent transactions from the stolen funds’ associated addresses. This action is crucial since the pilfered assets frequently get transferred among different exchanges.
Additionally, WazirX is collaborating with cryptocurrency tracking specialists to ensure continuous surveillance and assistance during the recovery procedure. Yesterday, Shetty expressed gratitude for the Web3 community’s aid and emphasized the significance of unified efforts in dealing with this problem.
The team at the exchange is presently evaluating the data to determine the complete scope of the attack’s damage. Based on this assessment, they will create a robust plan for recovery and implement steps to mitigate any customer fund repercussions.
The second-largest data breach at a centralized cryptocurrency exchange in recent history was reported by crypto investigator ZachXBT, with the perpetrator’s wallet currently harboring over $104 million worth of undisturbed funds.
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2024-07-21 16:36