WazirX raises the reward because a hacker moved $57 million worth of stolen ether to new wallets!

WazirX’s white hat recovery bounty now provides a reward of up to $23 million for the recovery of misappropriated assets.

The perpetrator has transferred $57 million worth of stolen Ether to new wallets in the wake of the $230 million WazirX breach. Due to this development, the exchange has implemented a substantial increase in its bounty program with the objective of tracing and recovering the misappropriated funds. Please find below the most recent information regarding the situation and its potential consequences for the crypto community.

This transfer is the second-largest crypto theft of 2024, as it represents a substantial portion of the $230 million seized from WazirX, India’s largest crypto exchange by trading volume.

WazirX has intensified its bounty programs in order to trace and recover the stolen assets in response to the hacker’s actions. 54 white hat hackers have already participated in the recovery initiative for two bounty programs, according to a spokesperson for WazirX.

The track and freeze bounty provides up to $10,000 in Tether (USDT) for actionable intelligence that assists in the tracking and freezing of misappropriated funds. The second bounty is the white hat recovery bounty, which is designed to recompense ethical hackers. The maximum reward has been increased to $23 million, and it now offers up to 10% of the recovered sum.

Subsequently, the bounty program will operate for a period of three months from the date of this announcement.

Despite the cryptocurrency industry’s numerous high-profile security lapses, the WazirX attack occurred during a challenging period. Rho Markets experienced a breach shortly after the WazirX incident, which led to losses of nearly $8 million. A fortunate outcome was the eventual return of the misappropriated assets, which enabled Rho Markets to recommence operations.

In addition, phishing attacks and fraudulent airdrops were employed to capture the credentials and cryptocurrency holdings of users of the popular Telegram-based game Hamster Kombat.

Also Read: Gemini resolves a $36 million lawsuit for cryptocurrency theft