It looks like the Indian crypto exchange WazirX is taking matters quite seriously now, as it should be. Following a cyber attack on July 18, 2024, which resulted in the theft of over $230 million in digital assets, WazirX has announced a bounty program.
The program aims to recover the stolen funds and invites the community to participate in two distinct bounty initiatives.
Around 133 Entries Already Received by WazirX
WazirX has already received 133 entries for its bounty program and is in the process of reviewing them. The company urges more participants to join the effort and support the crypto community.
The first initiative, the Track & Freeze Bounty, offers rewards of up to $10,000 worth of USDT for actionable intelligence that leads to the freezing of the stolen funds. Participants must provide clear evidence linking tracked addresses to the stolen funds and collaborate with WazirX to facilitate the freezing process if they are unable to do so themselves.
The second initiative, 10% of the money recovered will be awarded as a white hat incentive for this reward. Only if WazirX has successfully received the stolen money will this reward be awarded. At WazirX’s exclusive discretion, the aforementioned awards may be paid in USDT or in the form of money that has been recovered.
WazirX detailed the conditions and requirements for participating in the bounty program. Submissions must include detailed information such as addresses, transactions, and methodologies used for tracking and recovery. Participants must keep their submissions confidential and agree to not disclose any information to third parties.
WazirX has also set up a specific wallet address (ERC20 Wallet Address: 0xf381d876ce4807d1e752cf9dcdba695f312611bf) for the return of the stolen funds.
A Long Road Ahead Before the Funds Are Recovered?
By addressing the broader crypto network, WazirX hopes to now not only get back the stolen funds but also beautify collaborative efforts in tracking and securing digital assets.
Participants interested in the bounty application can register by emailing their intent to participate alongside their contact information to bounty@wazirx.com. Submissions should also be sent to the same email address for review by WazirX’s security team.
This initiative by using WazirX highlights the developing importance of community involvement in addressing security situations in the cryptocurrency sector. The company’s proactive approach serves as a model for other exchanges facing similar threats.
Also read: WazirX Files Report To FIU In Response To $230M Hack