WazirX Halts Trading, Launches Bounty Program to Recover Stolen Assets

In response to a significant cyberattack, WazirX, one of India’s leading cryptocurrency exchanges, has halted trading and launched a bounty program to freeze and recover stolen assets.

Points

• WazirX halts trading due to a cyberattack.
• Launches bounty program to recover stolen assets.
• Filed police complaint and reported to FIU and CERT-In.
• Cooperation with over 500 exchanges to block stolen funds.
• Engaging expert groups for continuous monitoring and support.

In response to a substantial cyberattack, WazirX, one of India’s leading cryptocurrency exchanges, has temporarily halted trading and launched a bounty program aimed at freezing and recovering stolen assets. The company announced this on X, stating, “The cyber attack theft has impacted our ability to maintain 1:1 collaterals with assets, and we’ve temporarily paused trading.”

Cointelegraph

In another post on X, WazirX detailed several immediate actions taken in response to the cyberattack. The exchange has filed a police complaint and reported the incident to the Financial Intelligence Unit （FIU） and CERT-In.

WazirX’s co-founder, Nischal Shetty, separately mentioned that the exchange is reaching out to over 500 exchanges to block the identified addresses associated with the stolen funds. The cooperation from these exchanges is crucial as the stolen assets move through various platforms.

WazirX Seeks Expert Help

According to Shetty, WazirX is preparing a bounty program to incentivize individuals and entities to help freeze or recover the stolen assets. This initiative is part of their broader strategy to enhance efforts in tracing the stolen funds.

Cointelegraph

The team is also engaging with several expert groups specializing in tracking cryptocurrency transactions, providing continuous monitoring and support in the recovery process.

WazirX expressed gratitude for the support from the broader Web3 ecosystem, emphasizing the need for a collective effort to resolve the issue and maintain the ethos of Web3 communities.

解説

• The recent cyberattack on WazirX highlights the vulnerabilities that even major exchanges face in the evolving landscape of digital finance. The company’s swift response, including halting trading and launching a bounty program, underscores the importance of immediate action in such scenarios.
• By involving law enforcement and reporting to relevant authorities like FIU and CERT-In, WazirX aims to enhance the credibility and transparency of its operations. This move also sends a message to the perpetrators about the seriousness of the response.
• Cooperation with over 500 exchanges is a strategic approach to curtail the movement of stolen assets. This collective effort within the crypto community can significantly impede the hackers’ ability to liquidate or transfer the stolen funds.
• Engaging expert groups for continuous monitoring and support signifies WazirX’s commitment to leveraging specialized skills and technology to trace and recover stolen assets. This not only boosts confidence among users but also sets a precedent for other exchanges on handling similar crises.