The Indian cryptocurrency exchange Wazirx has released information regarding the most recent cyberattack that saw the theft of more than $230 million.
The co-founder of Wazirx, Nischal Shetty, claims that the exchange is investigating several strategies for restoring trading, withdrawals, and deposits on the platform. He assured them that money in Indian rupees (INR) was safe and that attempts were being made to get the stolen money back.
A cyberattack of this magnitude affects everyone who invests or is part of the market.
On Tuesday, co-founder of Wazirx, Nischal Shetty stated on social media site X that he has been “reaching out to various potential partners trying to figure out a resolution that would help our customers.”
He clarified:
We’re figuring out different approaches to facilitate trade, withdrawals, and deposits on the site.
All user trading, withdrawals, and deposits on Wazirx are currently suspended.
In response to the event, Wazirx launched a $23 million bounty program to recover the confiscated assets. The exchange posted on Tuesday, “We are currently reviewing the 133 entries we have received for our Bounty Program.”
“The cyber attack theft has impacted our ability to maintain 1:1 collaterals with assets, and we’ve temporarily paused trading,” WazirX announced in a statement on X.
“We’re conducting thorough forensic data examination and security audit procedures and working to enable withdrawals soon. User safety remains our top priority.”
WazirX had earlier in the day established a Bounty Program that would recruit ethical hackers to assist in locating the stolen property. The exchange rewards users with up to $10,000 USDT for actionable intelligence that results in the freezing of cash to facilitate tracking and freezing.
Hackers will receive a 10% reward from White Hat Recovery in a second bounty, worth up to $23 million.
As of June 10, 2024, at 6:30 PM, WazirX’s total assets stood at an amazing Rs. 4,203.88 Crores (USDT 503.64 million), according to the company’s proof of reserve report from last month. This indicates that in this $230 million theft, the exchange would have lost over half of its holdings.
Any malicious transactions to the attacker’s addresses, according to Liminal, took place off its platform, and any Wazirx wallets created on it are still safe and secure.
- Published By Team Genuine Reporter