India‘s leading crypto exchange WazirX introduces bounty program to overcome increasing cyber-attacks and to recover stolen funds by freezing such accounts and assets involved in thefts.
The exchange is concerned about the recent cyber attack on the exchange and is now taking safety measures to protect investor’s funds by ensuring the security and integrity of their platform.
An X post by WazirX on July 19 rolled out certain safety measures taken by the exchange on an immediate basis after the recent hack attempt. The exchange filed a police complaint by keeping the Financial Intelligence Unit and CERT-In in a loop to further move the investigation.
Nischal Shetty, co-founder of the WazirX exchange also Tweeted that they have reached 500 exchanges to identify and block the addresses involved in the miscellaneous activity. The collaboration of these exchanges is important as the funds move through multiple exchanges.
A specialized team for tracking the stolen funds’ transactions is also activated by the exchange. This team will provide continuous support throughout the recovery phase.
WazirX thanked the Web3 community for their support, stressing the importance of working together to solve the problem and uphold Web3 values.
Shetty stated that currently, the team is analyzing damage caused by the recent hack. This analysis will help to make an effective recovery plan and promise to take all safety measures to protect customer funds.
Collaborative Efforts in Cybercrime Prevention
Along with the internal investigation efforts, the exchange shook hands with law enforcement agencies and forensic experts to identify the culprit behind the breach. This ensures that the people behind the theft are brought to justice and to recover the funds as much as possible.
The recent leakage cost the exchange almost $235 million of funds. Which is the second-largest breach in the centralized exchanges. The Japanese exchange DMM lost $305 million of funds in a security breach as reported on May 31.
In a Telegram post on the “Investigations by ZachXBT” channel, ZachXBT, a crypto investigator revealed that the wallet involved in the hack still has $104M of funds, which are not exposed on any exchange.
