WazirX co-founder Nischal Shetty has announced a bounty program to help recover or freeze funds stolen in a recent hack, which resulted in losses exceeding $234 million in various cryptocurrencies. Launched on July 20, 2024, the program initially offered an $11.5 million bounty but was later increased to $23 million.
The bounty program includes two initiatives: a track and freeze bounty, and a white hat recovery bounty, which offers a 10% reward of the recovered amount. The exchange has also shared an ERC20 wallet address for the return of the stolen funds.
Concerns have been raised about the slow recovery process, with some speculating that the Lazarus Group might be involved. Blockchain analytics firm Arkham confirmed that $102 million worth of SHIB was already sold by the hacker.
Speculation suggests the hacker modified the transaction contract without detection, capturing signatures from keyholders during failed transactions. WazirX awaits a detailed report from Liminal and forensic analysis of the involved devices.
This bounty program underscores the strategic importance of community collaboration in tackling cyber threats in the crypto space.
