Hack Forces WazirX to Offer $23M Bounty

WazirX co-founder Nischal Shetty has introduced a bounty program to aid in recovering or freezing funds stolen in the recent hack of the exchange.

Earlier this week, we reported the exploit, resulting in losses exceeding $235 million in various cryptocurrencies. Today, Shetty announced the launch of the bounty program via an X post. Initially, WazirX proposed an $11.5 million total bounty for asset recovery. However, following the intervention of crypto security expert ZachXBT, the amount was increased to $23 million.

Shetty explained that the bounty program aims to involve the crypto community in the effort to recover the funds stolen in the July 18 cyberattack. According to WazirX’s official blog, the program includes two key initiatives.

The first initiative, the track and freeze bounty, is designed to locate and freeze the stolen assets. The second, the white hat recovery bounty, offers a 10% reward of the recovered amount to those who assist in retrieving the funds.

WazirX has also shared an ERC20 wallet address for the return of the stolen assets, encouraging community members to participate in the recovery effort.