In a desperate attempt to recover stolen funds, WazirX announced a white hat bounty program and a $10,000 reward for information and assistance.
Initial Reward Announcement: $10,000 USDT for Information
In the wake of the devastating July 2024 hack, where $230 million worth of cryptocurrencies were stolen, WazirX made a swift move to incentivize the recovery of the lost assets. On 21 July 2024, the exchange announced a $10,000 USDT reward or 5% of the total hacked funds for any information leading to the freezing or recovery of the stolen assets.
This reward was aimed at encouraging the crypto community and cybersecurity experts to come forward with any leads that could help track down the attacker and reclaim the compromised funds. The initial offer was seen as a crucial step in responding to the massive breach that left users’ funds at risk.
Increased Bounty: $23 Million for Significant Leads
Realizing the gravity of the situation and the magnitude of the stolen assets, WazirX escalated its recovery efforts by significantly raising the reward. The exchange boosted the incentive to a staggering $23 million, which is 10% of the total value of the hacked funds, in the hopes of attracting more substantial leads.
The exchange revealed that this idea came from ZachXBT, a well-known crypto investigator who has conducted several successful investigations.
Background
On 18 July 2024, WazirX, one of India’s leading cryptocurrency exchanges, experienced a severe security breach. $230 million worth of digital assets were stolen from one of its multi-signature hot wallets.
The stolen assets included a wide range of cryptocurrencies like Shiba Inu (SHIB), Ethereum (ETH), MATIC, Tether (USDT), and more.
The hacker, who remains unidentified, transferred the funds to an external wallet, leaving the exchange scrambling to recover the lost assets and ensure the security of their platform.
This incident has led to significant financial losses and sparked a public dispute between WazirX and Binance over responsibility for the breach.
