WazirX Cyberattack Update: Firm Confirms INR Funds Secure
Co-founder Nischal Shetty took to social media to reassure users and outline the steps being taken to mitigate the impact of the WazirX cyberattack.
Ashish Khaitan July 24, 2024
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Indian cryptocurrency exchange WazirX has issued an update in response to a recent cyberattack that saw hackers steal over $230 million from its platform. Co-founder Nischal Shetty took to social media to reassure users and outline the steps being taken to mitigate the impact of the WazirX cyberattack.
Shetty confirmed that while the cyberattack on WazirX targeted digital assets, Indian rupee (INR) funds remained secure and unaffected. He emphasized WazirX’s commitment to restoring full functionality, including deposits, withdrawals, and trading, as part of ongoing recovery efforts.
Update on WazirX Cyberattack
“We are exploring various strategies to facilitate the resumption of platform operations,” Shetty stated, acknowledging the disruption caused by the attack. He highlighted ongoing collaboration with law enforcement to identify the perpetrators and recover the stolen funds swiftly.
Source: WazirX
The cyberattack did not breach WazirX’s platform directly but targeted its multi-signature wallet accessed through third-party custody provider Liminal. Despite this, Liminal has assured that all WazirX-related wallets under its management remain secure, and the malicious transactions occurred outside their platform’s infrastructure.
In response to the incident, WazirX has launched a $23 million bounty program aimed at incentivizing the recovery of the stolen assets. The exchange has received numerous submissions and is actively reviewing them to expedite the recovery process.
Bounty Program and Mitigation Strategies
As per the official announcement, the initiative presents two primary bounty programs for community participation. The first program, known as “Track & Freeze,” offers rewards up to $10,000 in USDT for credible information that results in freezing the stolen funds. The second program, named “White Hat Recovery,” offers a reward equivalent to 10% of the recovered amount, capped at $23 million, to ethical hackers (white hats) who contribute to retrieving the stolen assets.
Shetty expressed optimism about potential resolutions to restore normalcy, stating, “We have several ideas under consideration and are evaluating their feasibility to expedite the recovery process. Our priority remains the security and trust of our users.
Currently, all deposits, withdrawals, and trading activities on WazirX are temporarily paused as the investigation and recovery efforts continue. The exchange has urged users to remain patient and assured them that updates will be provided as the situation develops.
WazirX remains steadfast in its commitment to transparency and user security amidst the challenges posed by the cyberattack. With ongoing efforts to collaborate with authorities and enhance security measures, the exchange aims to resume normal operations soon while safeguarding user interests and funds.
