WazirX Urges Support from Security Experts and Ethical Hackers Amid Bounty Program
WazirX, one of India’s leading cryptocurrency exchanges, recently initiated a bounty program worth $23 million (approximately Rs. 192 crore) in hopes of recovering stolen funds. The exchange is determined to trace over $230 million (roughly Rs. 1,924 crore) that were siphoned off in a major cyberattack. The bounty program is aimed at incentivizing third-party coders, ethical hackers, and tech experts to assist in tracking down the stolen assets.
Within just 24 hours of launching the program, WazirX reported receiving 80 intents from individuals and teams interested in participating. The rapid response has given the exchange a positive outlook on the possibility of recovering the stolen funds. WazirX is actively encouraging members of India’s tech community to get involved, extending an open invitation to those who can lend their expertise to help in the recovery efforts.
The stolen funds have not only spurred the bounty program but also prompted WazirX to collaborate with law enforcement authorities and cybersecurity organizations. The exchange has partnered with India’s Computer Emergency Response Team (CERT-In) and various law enforcement agencies to identify the perpetrator behind the attack and attempt to retrieve the stolen assets.
As part of its appeal for more help, WazirX released a statement on X (formerly known as Twitter) saying, “We urgently need more support from our ecosystem, security professionals, and ethical hackers.” The exchange emphasized the importance of collective efforts in combating cybercrime and safeguarding the interests of the cryptocurrency community.
The exchange’s move to involve the wider tech ecosystem reflects its commitment to ensuring the security and trust of its users. However, WazirX acknowledged that the recovery process could be lengthy and complex, given the sophisticated nature of the attack.
WazirX’s efforts highlight the growing need for robust cybersecurity measures in the cryptocurrency space, as exchanges and platforms continue to be attractive targets for cybercriminals.