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WazirX Offers $23M Bounty to Recover $234M in Stolen Crypto

WazirX raises bounty to $23 million for recovering $234 million stolen in a recent hack. The platform increases reward after criticism and follows blockchain data to track the stolen funds.

1 min 42 secJuly 22, 2024
WazirX Offers $23M Bounty to Recover $234M in Stolen Crypto

Indian crypto exchange WazirX has announced a $23 million bounty to recover $234 million worth of assets stolen in a recent hack. Co-founder Nischal Shetty shared the update on Sunday, July 21. He posted on the social media platform X. "The total bounty has been updated to $23M thanks @zachxbt for the suggestion," Shetty said.

 

Why has WazirX increased the reward multiple times? Initially, the exchange introduced a "bounty program". It offered $10,000 worth of USDT for actionable intelligence leading to the recovery of the stolen funds. This also included a 5% incentive for the recovered amount. It served as a white hat reward. Netizens criticized the initial reward for being too small. In response, the reward was increased to $11.5 million. Now it stands at $23 million.

 

 

What led to this unprecedented bounty? The security breach occurred during European hours on Thursday, July 18. It resulted in significant losses from one of WazirX's wallets. According to blockchain data tracked by Lookonchain, over $100 million worth of Shiba Inu (SHIB) tokens were withdrawn. This was followed by $52 million in Ethereum (ETH). Additionally, $11 million in Matic (MATIC) and $6 million in Pepe (PEPE) were taken. The stolen cryptocurrencies were later sold on the Uniswap on-chain exchange.

 

In response to the hack WazirX temporarily suspended all withdrawals. This happened on the day of the incident. They initiated an investigation. The platform also blacklisted over 2,431 accounts deemed unlawful between October 2022 and March 2023.

 

Will this increased bounty lead to the recovery of the stolen assets? As WazirX continues to enhance its security measures the crypto community watches closely. They are eager to see if this significant reward will yield results.

 

In conclusion, WazirX’s substantial bounty increase highlights the exchange’s commitment to recovering the stolen funds. It also shows their dedication to ensuring platform security. The $23 million bounty aims to incentivize actionable intelligence. It seeks to bring the hackers to justice.

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