WazirX launched a donation program to recover stolen property
In response to a major cyber attack, WazirX, one of India's leading cryptocurrency exchanges, has announced the launch of a bounty program to freeze and recover stolen assets.
In a post on X, WazirX outlined several quick steps the exchange took in response to the cyber attack. The exchange lodged a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In.
In addition, Wazirx founder Nishal Shetty revealed that the exchange has reached over 500 to block known addresses linked to stolen funds. The cooperation of these exchanges is crucial when the stolen assets move across different platforms.
WazirX needs professional help
According to Shetty, the Wazirx group is preparing a bounty program to incentivize individuals and entities that help freeze or recover looted assets. This program is part of their strategy to enhance their efforts in recovering stolen funds.
The team is in discussions with several expert groups involved in tracking cryptocurrency transactions. These professionals provide constant monitoring and support during the recovery process.
WazirX is grateful for the support from the wider Web3 ecosystem. The exchange emphasized the need for collective efforts to solve the problem and maintain the ethics of Web3 communities.
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Shetty said that the team is currently analyzing information to understand the extent of the damage caused by the attack. This analysis is critical to creating an effective recovery plan and ensuring that all measures are taken to mitigate the impact on customer funds.
Law enforcement and forensic cooperation
In addition to their internal efforts, Wazirx collaborates with forensic experts and law enforcement agencies to identify and arrest criminals. This partnership aims to ensure that criminals are brought to justice and that stolen property is recovered as much as possible.
The WazirX breach caused a whopping $235 million in losses, making it the second-largest central exchange hack in recent times, surpassed only by the DMM exploit on May 31, which caused $305 million in losses.
Crypto researcher ZachXBT revealed in a Telegram post that the master attacker's wallet still holds more than $104 million in funds on his “ZachXBT” channel.
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