- Co-founder of WazirX Nischal Shetty has revealed a bounty program aimed at assisting the exchange in regaining or freezing money that was pilfered during a recent attack.
- Coin Shastra revealed earlier this week that damages from the attack totaled over $234 million across many cryptocurrencies.
Shetty said in an X post that the bounty program was introduced early today. WazirX had originally suggested a $11.5 million total reward for locating the assets; however, the co-founder subsequently disclosed that, thanks to ZachXBT’s intervention, the amount had been increased to $23 million.
According to Shetty, the exchange is using the bounty program to enlist the support of the cryptocurrency community in its efforts to retrieve the funds that were pilfered in the cyberattack on July 18.
Two efforts make up the program, according to WazirX’s official blog. To assist in locating and freezing the stolen assets, the first is a track and freeze bounty. The second is a “white hat recovery bounty,” which pays 10% of the money recovered to people who help get the money back.
As stated below, the exchange has made available to the public the ERC20 wallet address for the reimbursement of the pilfered money.
The slow pace of efforts to retrieve the assets has alarmed the crypto community on X, and some have speculated about the nature of the breach. Many hypotheses have suggested that the Lazarus Group may have been involved.
The blockchain analytics company Arkham confirmed that the hacker sold $102 million worth of SHIB, which was part of the monies stolen, even though the exchange is hopeful that some of the funds may be recovered.
Theories on the WazirX exploit technique
An X user provided a breakdown of possible hacking methods, implying that Shetty and WazirX’s security team were dozing off during the whole ordeal.
According to the X user, the hacker altered the contract outlining the transaction processes covertly. According to reports, during unsuccessful transactions, the attacker went on to get signatures from three different keyholders.
Larger illegal transactions were made possible by the use of these signatures in a test transaction that satisfied Laminal’s approval requirements.
Shetty refuted the accusations, stating that Liminal’s security protocols confirm transaction accuracy and ensure that addresses are on the whitelist prior to signature. He continued by saying that Liminal, independent of other signatures, only signs transactions started inside its own system and not ones from other sources.
The exchange is currently awaiting Liminal’s comprehensive report on the incident and the forensic examination of the three WazirX devices that were implicated, according to the co-founder of WazirX.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
