Indian Crypto Exchange WazirX Launches Bounty Program After Security Breach

• Following the cyber attack on July 18, resulting in the theft of digital assets exceeding $230 million, WazirX is launching a bounty program.
• The first bounty is for identifying and freezing stolen funds, and another offering 10% of recovered amounts as a reward.

On July 18, Indian cryptocurrency exchange & trading platform, WazirX revealed on X that one of its multisig wallets had experienced a security breach. The exchange then suspended Indian rupee (INR) and crypto withdrawals to protect user funds while investigating the incident.

Now, in the latest development, WazirX is launching a bounty program to help recover the stolen funds.

“We've received over 80 intents for our bounty program within 24 hours. Time is critical. We urgently need more support from our ecosystem, security professionals, and ethical hackers,” WazirX wrote in an X post.

The first bounty focuses on identifying and tracking the stolen funds, with rewards of up to $10,000 in USDT for actionable intelligence that leads to freezing the funds. Participants who are unable to freeze the funds themselves must provide proof to WazirX for collaboration; otherwise, they won't receive any rewards. 

The second bounty seeks to facilitate the recovery of the stolen funds, offering a white hat incentive equivalent to 10% of the recovered amount, to be paid in USDT or recovered funds upon successful receipt by WazirX. This program will initially run for three months, with the possibility of extension or reduction based on operational needs.

Additionally, the bounty program is scheduled to operate for three months from the date of this announcement. 

For more information, check out the official announcement.

Edited by Harshajit Sarmah