- As of the time of publication, 133 answers had been received for the company’s $23 million bounty program.
WazirX, an India-based centralized exchange, is looking for partnerships to resume full operations after a major hack that caused the loss of almost half of its assets.
Co-founder of the exchange Nischal Shetty informed users of the development on social media on July 23 and stated that the company is working on a solution to assist in resuming operations.
The exploitation
Over $230 million in user assets were lost as a consequence of a security vulnerability that WazirX verified occurred in one of its multisig wallets.
More than 200 tokens were distributed, comprising 5.43 billion SHIB tokens, more than 15,200 Ethereum tokens, 20.5 million Matic tokens, 640 billion Pepe tokens, 5.79 million USDT, and 135 million Gala tokens taken in the crime, according to on-chain statistics.
Based on its June proof-of-reserves report, WazirX’s overall assets of $500 million include the stolen funds, or almost 50% of it. Trading has been temporarily suspended since the attack has impacted the exchange’s ability to maintain 1:1 collaterals with assets.
He said that the company’s fiat INR funds were unaffected by the attack, although he did not say if INR withdrawals would be permitted.
A $23 million reward program has been introduced by WazirX to encourage the hackers to return the money they have taken. So far, the company has received 133 entries, which it is currently reviewing.
Market watchers noted that given the assailants’ ties to North Korea’s infamous Lazarus Group, the likelihood of the monies being reimbursed seems low.
Play the Blame Game
WazirX has persisted in asserting that the attack happened outside of its infrastructure for its products. It said that Liminal, a third-party custody service, hosted the compromised multisig wallet.
Liminal countered that its infrastructure was not breached and linked the exploit to WazirX-owned compromised devices.
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.
