WazirX ups bounty for recovery of stolen funds to $23m
Share link:In this post: WazirX increased the bounty for recovering stolen funds to 10%, up to $23 million, following a major hack. The bounty program is split into tracking and freezing the funds and recovering the stolen amount. Cybersecurity experts warn the hack might be by the Lazarus group, making the bounty effort likely ineffective.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page.
After speaking to blockchain detective ZachXBT, WazirX just bumped up the bounty for white hat hackers to a whopping 10% of the stolen amount, up to $23 million.
Cybersecurity company SlowMist has said the hackers are probably the notorious North Korean group Lazarus though, so the bounty might not do much good actually.
Immediately after the attack, WazirX launched the massive bounty program. They’re calling on white hat hackers, blockchain forensics experts, and cybersecurity pros to help out.
Source: X.com
The program has two main parts. The first part is the Track & Freeze Bounty. The goal here is to find, track, and provide actionable intelligence to freeze the stolen funds. They’re offering up to $10,000 in USDT for actionable tips that lead to freezing the funds.
If you can’t freeze the funds yourself, you should work with WazirX and give them enough proof to help them do it. No proof, no reward. The second part is the White Hat Recovery Bounty. The objective is simple. Get back the stolen funds.
But you’ll only get paid if WazirX successfully receives the stolen funds. The reward will be given in USDT or the form of recovered funds, at WazirX’s discretion.
Source: ZachXBT
The bounty program will run for three months from the announcement date. However, this period could be extended or shortened without notice based on how things go.
The hack on July 18 was a big one. WazirX lost over $230 million in crypto. The hackers compromised two out of four private keys for WazirX’s Ethereum multisig wallet.
The compromised wallet address was 0x27fD43BABfbe83a81d14665b1a6fB8030A60C9b4. They managed to steal around $234.9 million and moved the funds to a new address. Tornado Cash was involved in some transactions related to the stolen funds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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