India’s largest cryptocurrency exchange, WazirX, has started a major bounty program after a security breach that cost an remarkable $230 million.
There were suspicious transactions from the exchange’s multisig hot wallet that led to the breach earlier this week. These transactions sent cryptocurrency worth almost $25 billion to a new address.
WazirX Recovers $102 Million
The address that was hacked has been dealing different digital currencies for Ethereum (ETH). One important deal was the taking out of 5.4 trillion Shiba Inu (SHIB), which is worth $102.13 million.
In respond to to this cyberattack, WazirX is focusing on keeping the money that was stolen safe and avoiding more losses. To do this, the company has started a prize program with two main parts that are meant to help find the stolen assets.
The initial component, called the “Track & Freeze” prize, gives rewards of up to 10,000 USDT for information that can be used to freeze the stolen funds. The second part, the “White Hat Recovery” bounty, gives people who help with the recovery a 5% share of the money that was recovered as a payment.
Nischal Shetty, founder and CEO of WazirX, said that there will be a total reward of $11.5 million for people who can find lost property. As WazirX goes forward with these plans, the main goal is still to protect the recovered funds and stop any more losses.
