WazirX Hit in $230 Million Crypto Heist, Launches Bounty Program
Image Source: cryptotop10.org
On 21st July, hackers managed to steal nearly $230 million of WazirX’s assets in a cyber attack. This cyberattack drained nearly half of its reserves, prompting the company to halt trading activities.
Hackers have transferred nearly $57 million of stolen crypto assets into two new cryptocurrency addresses in the latest on-chain movement of the stolen funds. The on-chain movement of the stolen funds could uncover key details about the hacker’s identity. To help track the stolen funds, WazirX has launched two bounty programs for on-chain investigators.
The bounty program will be active for three months, starting from 21st July . So far, according to sources, 54 white hat hackers have registered for the WazirX recovery program. The company is offering two types of bounties as part of its recovery effort.
The Track and Freeze Bounty invites participants who can provide actionable intelligence that leads to the freezing of the stolen funds, with rewards of up to $10,000 worth of USDT. Those unable to freeze the funds themselves must collaborate with WazirX. The second one, the White Hat Recovery Bounty, rewards ethical hackers with up to 10% of the amount they can help recover, which is approximately $23 million.
Risk management firm Elliptic suggests a possible link between the hackers and North Korea. Elliptic said in a blog that hackers affiliated with North Korea appear to have carried out the attack. Meanwhile, this is the second largest cryptocurrency hack in 2024 so far, the first one being the attack on Japanese crypto exchange DMM Bitcoin, where it lost over $300 million due to the cyberattack.
Team Profile
- Freelance Journalist
- Kumar Tushar Singh is a skilled content writer with a robust background in finance and a deep understanding of political affairs. Having served as a content writer intern at a notable NGO, Kumar has honed his ability to create insightful and impactful content. His financial expertise, combined with strong research skills, enables him to produce well-informed financial articles and reports. Kumar's dedication to excellence and his versatile writing capabilities make him a valuable asset in any content creation role.
Latest entries
News10 April 2025US Visa Process Under Scrutiny as Indian Students Protest Unfair Deportations
News23 February 2025UGC NET 2024 Result Declared; Check Your Scores Now
News23 February 2025Bihar Class 10 Student Buys Gun with Stock Market Earnings, Kills One in Revenge Shooting
News27 January 2025NCTE to Reintroduce One-Year B.Ed. Program
