After the major cyberattack, WazirX introduced a bounty program to freeze and recover stolen assets.
Strike back
WazirX quickly reacted to the cyberattack by taking several steps to address the situation. They filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In.
This information was shared in a post on the X social platform by WazirX.
Nischal Shetty, the co-founder of WazirX made a separate post explaining that the exchange is reaching out to over 500 other crypto exchanges to block the addresses linked to the stolen funds.
He said that the cooperation of these exchanges is very important, as the stolen assets are transferred through different platforms.
We’re all in this together
Shetty also mentioned that WazirX is setting up a bounty program to motivate both individuals and organizations to help freeze or recover the stolen assets.
The exchange is also in talks with expert groups specializing in tracking cryptocurrency transactions, and they hoping these experts will continuously monitor and assist in the recovery efforts.
WazirX has expressed gratitude for the huge support from the wider Web3 and crypto community, and they repeated the importance of collective effort to address the issue and uphold the principles of Web3 communities.
The team is currently analyzing data to understand the full extent of the damage caused by the attack, to minimizing the impact on customer funds.
Dead or alive
Besides their internal efforts, WazirX shared with the users they’re working with forensic experts and law enforcement agencies to identify and catch the attacker or attackers.
The breach at WazirX resulted in a huge loss of about $235 million in crypto, making it the second-largest hack of a centralized exchange in the last years, only surpassed by the DMM exploit on May 31, which saw a loss of $305 million.
Crypto investigator ZachXBT revealed in a Telegram post on the ‘Investigations by ZachXBT’ channel that the main attacker’s wallet still holds over $104 million in funds that have not yet been transferred.
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