WazirX, the Famous Crypto Exchange, Offering ₹180 Crores Hefty Bounty After the Major Cyberattack On Its Servers
WazirX, the Famous Crypto Exchange, Offering ₹180 Crores Hefty Bounty After the Major Cyberattack On Its Servers
WazirX recently launched a ₹188 Crore Bug Bounty Program to recover misappropriated crypto assets valued at ₹1880 crore. They were offering $10,000 previously which is later updated to $23 Million. The program extends the offer to the hacker involved in the intrusion and rewards individuals who provide intelligence that results in the freezing of funds. It also encourages ethical hackers to assist in the recovery.
Bengaluru, Karnataka: WazirX, one of the most prominent cryptocurrency exchanges in India, has announced a reward program that will offer a total of ₹188 crore ($23 million) in order to recover stolen cryptocurrency assets that are valued at ₹1880 crore ($230 million). WazirX’s Safe Multisig wallet on the Ethereum network was compromised as a result of a serious security incident, which prompted this step to be taken.
A Brief Description of the Bounty Program:
- Duration of the Program: Beginning on July 21, the bounty program will be in effect for a period of three months, with the option of an extension or reduction depending on the progress that has been made in the rehabilitation process.
- Types of Bounties: As part of its recovery efforts, WazirX is offering two different sorts of bounties:
- Track and Freeze Bounty: Participants who are able to give actionable intelligence that leads to the freezing of stolen monies are invited to participate in the Track and Freeze Bounty. The bounty offers payouts of up to Rs 8 lakh ($10,000) worth of USDT (Tether) to those who deliver this information. Those participants who are unable to freeze the cash on their own need to work together with WazirX.
- White Hat Recovery Bounty: The White Hat Recovery Bounty is a program that offers a reward that is comparable to ten percent of the sum that is recovered, which may be as high as twenty-three million dollars. This program is designed to attract ethical hackers and specialists to aid in the recovery process. Additionally, this offer is extended to the hacker who was responsible for the breach, provided that the monies that were taken are returned to the ERC20 wallet address that was stated.
Read More About WazirX Crypto Exchange Hit By A Cyberattack, Funds Worth $234 Million Transferred: Reports.
White hat hackers, blockchain forensics experts, and cybersecurity professionals from all around the world are being extended an invitation to participate in this endeavor by WazirX. The company, which was established in 2017, focuses on many areas of blockchain technology and cryptocurrencies, and it is dedicated to preserving a digital finance environment that is both secure and resilient.
You can even visit the official website of WazirX, which has updated all the information in a blog post regarding this particular Bug Bounty Program, inviting all the community of hackers to help them reach the real culprits.
Company Statement:
“The recovery of the stolen funds is our primary objective,” the company stated in its statement. The purpose of this bounty program is to make use of the knowledge and experience of the community in order to accomplish this critically important goal. Nischal Shetty, co-founder of WazirX, stated that the company continues to express its dedication to openness and collaboration, thereby strengthening its commitment to a digital banking ecosystem that is both secure and robust.
WazirX is a significant cryptocurrency exchange in India that gives customers the ability to buy, sell, and trade digital assets. First-time investors as well as experienced traders are catered to by this company, which specializes in a wide variety of blockchain technologies and cryptocurrencies.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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