WazirX Bolsters Asset Recovery Efforts with Two Sets of Bounties

WazirX floats two bounty initiatives to help recover $234 million in stolen funds.

Hacker looking straight at you, whilst hacking.
Created by Kornelija Poderskytฤ— from DailyCoin
  • WazirXโ€™s bounty program is live.  
  • The program features two sets of rewards.
  • The bounties are active for a limited time.

Indiaโ€™s largest crypto exchange, WazirX, announced Sunday two sets of bounties to recover $234 million stolen from its Safe Multisig wallet on the Ethereum Network on July 19.

The development comes after WazirX co-founder Nischal Shetty hinted earlier on Saturday that the exchange was taking several steps to recover the stolen funds. These included engaging with law enforcement and regulators, reaching out to other exchanges, and setting up a bounty program.

The Bounty Program

In a statement dated July 21, WazirX said the two bounty initiatives will help track, freeze, and recover the stolen assets, which include millions of dollars in SHIB, ETH, MATIC, PEPE, GALA, and USDT.

Sponsored

The first bounty rewards up to $10,000 to whoever provides โ€œactionable intelligence,โ€ which freezes the stolen funds.

โ€œIf the participant fails to freeze themselves and/or fails to collaborate with WazirX to facilitate the freezing of the funds, then the participant shall not be entitled to any rewards,โ€ WazirX wrote.

The second bounty, which aims to recover all the stolen funds, offers 10% of the recovered amount as a white hat incentive. Users who submit the bounty could be rewarded up to $23 million, payable in USDT.

While WazirX noted that the bounty program is valid for three months, the exchange said the period may be reduced, extended, or amended without notice to participants. However, WazirX said any change will be based on requirements and results.

Read about the controversial Rho Protocol attack:
Was $7.6M Rho Protocol Exploit a Hack? Suspected Attacker Denies Wanting to Steal from Users

Stay updated on Dough Financeโ€™s hack:
Dough Finance Issues Ultimatum to Hacker After $1.8M Exploit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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