WazirX Offers $23 Mn Bounty To Recover Stolen Crypto Assets Worth $230 Mn

Days after WazirX experienced a major security breach, the cryptocurrency exchange has announced a prize of $23 Mn as a part of its bounty programme to recover the $230 Mn assets stolen during the attack.

The attack targeted WazirX’s Safe Multisig wallet on the Ethereum network.

A multisig wallet is a type of cryptocurrency wallet that requires multiple private keys to authorise and complete transactions.

The bounty programme will be active for three months starting from July 21, with the potential for extension or reduction based on the progress of the recovery, the company said in a statement.

“Our foremost goal is to recover the stolen funds. This bounty programme is designed to tap into the expertise of the community to achieve this critical objective. We remain committed to transparency and collaboration, reinforcing our dedication to a secure and resilient digital finance ecosystem”, said Nischal Shetty, cofounder of WazirX on the social media platform X.

The company is offering two types of bounties as part of its recovery effort. The Track and Freeze Bounty invites participants who can provide actionable intelligence that leads to the freezing of the stolen funds, with rewards of up to $10,000 worth of USDT. Those unable to freeze the funds themselves must collaborate with WazirX. 

The White Hat Recovery Bounty encourages ethical hackers and experts to assist in the recovery process, offering a reward equivalent to 10% of the recovered amount, potentially up to $23 Mn. This offer also extends to the hacker involved in the breach, provided the stolen funds are returned to the specified ERC20 wallet address.

The company is also calling on white hat hackers, blockchain forensics experts, and cybersecurity professionals worldwide to join this mission. 

Founded in 2017, WazirX is a bitcoin and cryptocurrency exchange where you can buy, sell, and trade digital assets, catering to both first-time investors and professional traders alike.

As per its website, the company claims to specialise in cryptocurrency, cryptocurrency exchange, blockchain technology, digital assets, Tron, Bitcoin wallet, P2P transactions, buying Bitcoin, Ethereum, Ripple, Tron, and Matic in India, crypto trading, investing, NFTs, Dogecoin, and Polygon.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.