- WazirX launched two bounty programs for recovering the stolen assets.
- P.S. INR funds are unaffected by the cyberattack.
WazirX founder Nischal Shetty has planned the recovery of the stolen assets. He revealed the initial details of the stolen crypto funds and clarified that no security breach occurred before July 18, as misinformation was out about WazirX, and that a few wallets hacked, eight days before the hack.
Nischal said in the series of X posts:
“We’re working on the poll implementation. Trying to get it done and reviewed today and go live today or tomorrow.”
Moreover, if the poll results comes positive, the reopening of the platform confirmed with the legal department. The current intention of WazirX is to start with a portion of everyone’s cryptocurrency portfolio value in locked tokens. And to find solutions to unlock those tokens.
The community is anxious about the hack, as the Indian government has cautious regulations and taxes on crypto. Meanwhile, a few suggestions from the community were to burn tokens with exchange profits over time, as well as to create new use cases for the token and, moreover, to airdrop from new projects.
Moreover, he affirmed that the attack happens during the flow of the custody provider Liminal, and the product platform and infrastructure were not breached. P.S. INR funds seems unaffected by the cyberattack.
Recovery Efforts of WazirX
WazirX’s security breach has resulted in a loss of assets worth $230 million. It has had a wavering effect on other Indian crypto platforms. They have temporarily stopped trading and withdrawals on the platform as investigations are underway to recover the assets.
The exchange’s X post reveals:
“The response to our Bounty Program has been strong, with 195 entries submitted so far. We invite more experts to participate; your skills and expertise are crucial in advancing our recovery efforts.”
PeckShield reported that the hacker has moved $57 million worth of ETH into two new crypto wallets. The majority assets transferred to the address “0x58d.”
Also WazirX has launched two bounty programs: the “track and freeze” bounty, which offers around $10,000 in Tether (USDT) for recovering information to freeze the stolen assets. The “white hat recovery” bounty rewards up to 10% of the amount they help to recover.
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