In the wake of a significant cyberattack, WazirX, one of India’s foremost cryptocurrency exchanges, has taken drastic measures to mitigate the damage. The exchange announced a halt in trading and introduced a bounty program aimed at recovering stolen assets. This attack has severely impacted their ability to maintain 1:1 collateral with assets, necessitating immediate action.
In a series of posts on X, WazirX detailed their response to the breach. They have filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. Co-founder Nischal Shetty emphasized the urgency of the situation, stating that the exchange is reaching out to over 500 other exchanges to block the identified addresses associated with the stolen funds. This broad collaboration is essential as the stolen assets move through various platforms.
To further their recovery efforts, WazirX is launching a bounty program to incentivize individuals and entities to help freeze or recover the stolen assets. This initiative is part of a broader strategy to trace the stolen funds and enhance the security measures of the exchange. The team is also consulting with several expert groups specializing in cryptocurrency transaction tracking to provide continuous monitoring and support during the recovery process.
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The exchange expressed gratitude for the support from the broader Web3 ecosystem, underscoring the need for a collective effort to resolve the issue and maintain the integrity of the Web3 community.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
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