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In response to a $230 million security breach, WazirX announces an $11.5M bounty program to recover Shiba Inu (SHIB) and other stolen assets.
Following a significant security breach that resulted in a two hundred thirty million dollar loss, WazirX, the largest cryptocurrency exchange in India, has announced a bounty scheme, U.Today reports.
The event, which took place this week, featured transactions that were deemed to be suspicious that originated from the multisig hot wallet of the exchange. As a consequence, roughly a quarter of a billion dollars' worth of cryptocurrency was transferred to their new address.
Significant SHIB Transfer Highlights WazirX Security Breach
The hacked address has been detected engaging in the exchange of a variety of digital assets for ETH after the incident became public. An important transaction was a transfer from WazirX of 5.4 trillion Shiba Inu (SHIB), which was valued at $102.13 million. This transaction was one among the significant transactions.
Despite the fact that WazirX is moving forward with these efforts, the primary focus is still on retrieving the monies that have been recovered and avoiding any additional losses. Therefore, as a response to this cyber attack, WazirX has introduced a reward program with the objective of recovering the assets that were acquired through theft. In total, the program consists of two essential elements.
WazirX's 'Track & Freeze' Bounty Offers $10,000 Reward
To begin, there is the "Track & Freeze" bounty, which provides payments of up to $10,000 worth of USDT for provide actionable intelligence that results in the freezing of the money that have been stolen. Second, the "White Hat Recovery" bounty offers a reward of five percent of the money that has been recovered as an incentive for individuals who aid in the recovery process.
Based on the information provided by Nischal Shetty, the founder and CEO of WazirX, the total bounty that is available for asset recovery has been set at $11.5 million.
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