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Following a hack attack that resulted in the theft of millions of dollars worth of Shiba Inu (SHIB), Ethereum (ETH) and other coins, WazirX has launched an official bounty program. The prominent Indian exchange has promised to reward anyone who assists in recovering the stolen assets.
WazirX Announces Bounty Program To Recover Assets
WazirX has announced via its official X (formerly Twitter) account that it has launched a bounty program in response to the recent cyberattack on one of its Multisig wallets. The team behind the Indian exchange revealed that the bounty program will be focused on recovering the stolen assets from malicious actors.
On July 18, WazirX was hacked by malicious actors who stole $234.9 million worth of ETH, PEPE, USDT and other cryptocurrencies from the exchange. The hack attack also saw over $100 million worth of SHIB tokens swiped from the exchange’s safe Multisig wallet.
Initially, Nischal Shetty, co-founder of WazirX, disclosed on July 21 that the exchange would offer $11.5 million in rewards for recovering the stolen funds. However, the WazirX team later revised the bounty, increasing it to up to 10% of the stolen assets, which amounts to $23 million.
The Indian exchange has invited hat hackers, cybersecurity professionals, and blockchain forensics experts from around the world to join the bounty program and protect the integrity of the crypto ecosystem. Via an official blog post, WazirX also delved deeper into the details of the bounty program and its reward allocation.
According to the exchange, there are two bounties within the program. The first bounty will offer up to $10,000 worth of USDT to participants. The requirement for this bounty is to identify, track and provide actionable intelligence that could help WazirX or the participant freeze the exploited funds.
The second bounty involves facilitating the recovery of the stolen assets. WazirX has stated that the participants who successfully recover the assets will be awarded 10% of the total amount as a white hat incentive. The reward will also be paid in USDT or the form of the recovered funds at the sole discretion of WazirX.
Requirements For The WazirX Bounty Program
In its blog post, WazirX noted the time frame for the bounty program, highlighting that it will run for three months, starting from the day of the announcement. This time frame is subject to change and can be extended or reduced with or without notice of the participants involved in the program.
Furthermore, the exchange provided a list of eligibility requirements to join the program. WazirX disclosed that the bounty program is open to everyone, excluding current and former employees of WazirX and their immediate family members. Additionally, participants of the bounty program are mandated to submit detailed information on their tracking methods and ensure that all submitted information remains confidential.
Featured image created with Dall.E, chart from Tradingview.com
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