WazirX Announces $23 Million Bounty for Recovery of $234 Million Lost in Cyber Breach

WazirX, one of India’s leading cryptocurrency platforms, is making headlines once again, but this time for a different reason. The company recently announced a whopping $23 million bounty for the recovery of $234 million worth of digital assets that were lost in a cyber breach. This move is aimed at tapping into the expertise of white hat hackers, blockchain forensics experts, and cybersecurity professionals from around the world to help recover the stolen funds.

The bounty programme, which will be active for three months, offers a reward equivalent to 10 per cent of the recovered amount, potentially amounting to $23 million. This makes it one of the largest bounties ever offered in the crypto industry. Nischal Shetty, the Founder of WazirX, emphasized that the primary goal is to recover the stolen funds and that the community’s expertise is crucial in achieving this objective.

The cyber breach, which occurred on July 18, resulted in $234 million being stolen from the WazirX multisig Ethereum Wallet. This incident comes at a time when the cryptocurrency industry in India is facing regulatory pressure and a heavy tax regime. In 2022, the Indian government introduced a 30 per cent tax on virtual currencies and a 1 per cent deduction for every crypto transaction. Additionally, the Enforcement Directorate (ED) has been investigating cases related to cryptocurrencies under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA).

Despite these challenges, WazirX remains committed to ensuring the safety and security of its users’ assets. The company’s decision to offer a significant bounty for the recovery of the stolen funds demonstrates its determination to address the cyber breach and protect its customers. With the support of the global cybersecurity community, WazirX is hopeful that the stolen funds can be recovered and the perpetrators held accountable.