WazirX Launches Bounty Programme After $230 Million Security

India's largest cryptocurrency exchange, WazirX, has announced a bounty programme following a significant $230 million security breach.

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This breach involved suspicious transactions from the exchange's multisig hot wallet, leading to the movement of substantial crypto assets to a new address.

Recovery Efforts

WazirX co-founder Nischal Shetty indicated on Saturday that the exchange is actively taking measures to recover the stolen funds. These steps include collaborating with law enforcement and regulators, contacting other exchanges, and establishing a bounty programme.

Bounty Initiatives

WazirX announced two bounty initiatives in a statement dated 21st July aimed at tracking, freezing, and recovering the stolen assets. These assets include millions in SHIB, ETH, MATIC, PEPE, GALA, and USDT.

Reward for Actionable Intelligence

The first bounty offers a reward of up to $10,000 for "actionable intelligence" that leads to the freezing of the stolen funds. However, participants must collaborate with WazirX to facilitate the freezing, failing which they will not be entitled to any rewards.

White Hat Incentive

The second bounty, designed to recover all stolen funds, offers 10% of the recovered amount as a white hat incentive. This could mean rewards of up to $23 million, payable in USDT, for successful participants.

Bounty Programme Validity

WazirX stated that the bounty programme is valid for three months, though this period may be adjusted based on requirements and results. Changes to the programme will be made without prior notice to participants.

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