WazirX Boosts White Hat Reward to 10% Following $230M Hack: Ensures User Safety

WazirX Boosts White Hat Reward to 10% Following $230M Hack: Ensures User Safety

The post WazirX Boosts White Hat Reward to 10% Following $230M Hack: Ensures User Safety appeared first on Coinpedia Fintech News

WazirX, which was recently hit by a severe cyber attack which led to more than $230 million of a multi-sig wallet being stolen, prompted the company to activate a vigorous counter-strategy immediately. The hack has caused WazirX to stop trading temporarily amidst difficulty in ensuring the 1:1 ratio between tokens and assets. 

WazirX acted quickly by unveiling an improved Bounty Program to help regain the stolen cryptocurrency, exhibiting prompt and responsible behaviour. The team, in its plan for the bounty program, stated that it is open to participation from people around the world, including white hat hackers, blockchain analysts, and cybersecurity specialists, and encouraged their participation in bringing back the user assets. 

The bounty was initially set for 5% ($11.5 million) but later was changed following the feedback from the popular blockchain investigator ZachXBT to 10%, i.e. up to $23 million. 

WazirX has introduced two specific bounties. The first one is Track & Freeze, and the reward provides a bounty of up to $10,000 USDT for any details that would enable it to freeze the stolen assets.

Secondly, the White Hat Recovery of 10% of the recovered amount is a ‘white hat’ reward. 

The team and WazirX’s owner, Nischal Shetty, have also stated that they will endure a complete forensic data assessment and security review to address the particular issues that threaten users’ security in the exchange and bring normalcy to the exchange’s normal operations. WazirX highlighted the issue of user security and said that withdrawals will be allowed shortly. 

In his latest tweet, the owner of WazirX appreciated the hard work of the team, which has been awake day and night to solve the problem and support the community. He said, “It will take time, but we will not stop,” recognising the team’s effort during this crisis. 

WazirX downplays the situation and assures the community that they will remain updated as they try to solve the issue, revealing that they need the community’s cooperation during this tough time.