WazirX Seeks Assistance from Bounty Program to Recover $234 Million in Stolen Funds

WazirX is intensifying its efforts to reclaim millions of dollars in misappropriated funds that were the result of a recent exploit.

Nischal Shetty, the co-founder of WazirX, has provided the public with an update on the cryptocurrency exchange’s intentions in the wake of a multimillion-dollar breach.

On July 19, WazirX experienced a “unprecedented attack” that resulted in the loss of approximately $234 million in a variety of cryptocurrencies. The exploit was the second-largest security compromise on a CEX in recent history, following the $305 million attack of DMM Bitcoin on May 30.

Shetty disclosed in a recent X (Twitter) post that the WazirX team was in the process of developing a bounty program to assist in the freezing or recovery of misappropriated assets. This comprises $102 million in SHIB, $52.5 million in ETH, $11.24 million in MATIC, $7.6 million in PEPE, $3.59 million in GALA, and $5.79 million in USDT.

The team stated that it was currently in the process of engaging in additional discussions regarding the continuous tracing of fund movements and had contacted a “number of teams that assert to be experts in this field” in addition to informing other exchanges about the security incident.

“I am outlining the phases as we proceed. Our ultimate objective is to mitigate the effect on customer funds; however, we must initially evaluate all available data in order to devise strategies for subsequent actions.” Shetty said. “We will require the assistance and support of the entire ecosystem as we devise strategies to resolve this matter.”

Additional measures implemented by the exchange include the development of additional regulatory and law enforcement measures to address the situation.

WazirX has cautioned X crypto users to be cautious of fake social media profiles, websites, and emails that impersonate the exchange in order to spread false information regarding the exploit.

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