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WazirX announces $23 mn bounty to recover $234 mn lost in cyber breach

Internet

Internet · 1y ago

WazirX announces $23 mn bounty to recover $234 mn lost in cyber breach

WazirX Announces $23 Million Bounty to Recover Stolen $234 Million. Crypto platform WazirX, which recently lost $234 million in a cyber breach, has announced a $23 million bounty to recover the stolen assets. The bounty program, active for three months, invites white hat hackers, blockchain forensics experts, and cybersecurity professionals to aid in the recovery. WazirX's founder, Nischal Shetty, emphasizes the importance of community expertise in achieving this critical objective.

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Related News

Why WazirX will find it hard to recover stolen cryptos even with $23 mn bounty

Livemint

Livemint · 1y ago

Why WazirX will find it hard to recover stolen cryptos even with $23 mn bounty

Indian cryptocurrency exchange WazirX is offering a $23m bounty to white hat hackers and cybersecurity professionals to help recover over $230m worth of digital assets stolen from one of its wallets. The hack occurred earlier this month, with the attackers bypassing the security measures of a multisig crypto wallet. WazirX has alleged that the compromised wallet was managed using Liminal’s infrastructure, while Liminal has blamed WazirX and claimed that the hack originated from within the exchange's systems. The bounty is one of the largest offered in the crypto industry and will be active for three months.

CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

Inc42 · 12m ago

CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

CoinSwitch, a crypto exchange, has announced that it will take legal action against WazirX, another crypto exchange, in order to recover 2% of its funds that are currently held by WazirX. CoinSwitch had a total of INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX. WazirX suffered a security breach on July 18, which led to the withdrawal of around $234.9 Mn in the early European hours.

Govt Agencies Start Probe Into WazirX’s $234 Mn Crypto Hack

Inc42 · 10m ago

Govt Agencies Start Probe Into WazirX’s $234 Mn Crypto Hack

- Government agencies investigating WazirX's $234 Mn hack - Officials questioning WazirX executives in Mumbai - Investigation aims to uncover information on illegal transfer of crypto tokens - No evidence of foul play found in company's probe so far

CoinSwitch Alleges WazirX Moved Crypto Worth $73 Mn Post Data Breach

Inc42 · 10m ago

CoinSwitch Alleges WazirX Moved Crypto Worth $73 Mn Post Data Breach

CoinSwitch's CEO, Ashish Singhal, has criticized cryptocurrency exchange WazirX for its handling of fund transfers to other exchanges. Singhal raised concerns about the financial stability of WazirX, while a spokesperson from WazirX stated that they have implemented measures to track their wallet addresses in real-time. CoinSwitch has expressed its intention to take legal action against WazirX in order to recover the deposited funds.

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

Inc42 · 11m ago

WazirX To Set Up Committee Of Creditors After $234 Mn Hack

- WazirX forms a committee of creditors (CoC) after suffering a $234 Mn hack - The committee will be comprised of 10 members, including affected users, to provide advice and feedback on the restructuring plan - A Singapore court has granted WazirX a conditional four-month moratorium - The cryptocurrency exchange is rushing to restructure its liabilities following the hack - The committee formation deadline is set for October 9th

FBI pings WazirX for info on attack by ‘North Korean hackers’

Economic Times

Economic Times · 1y ago

FBI pings WazirX for info on attack by ‘North Korean hackers’

The US FBI has reportedly approached Indian cryptocurrency exchange WazirX to investigate a cyberattack allegedly involving North Korean cybercriminals. The FBI's involvement is expected to benefit the investigation and enhance the exchange's efforts to protect its cryptocurrency market. WazirX suffered a cyber breach on one of its multisig wallets in July, resulting in a loss of funds exceeding $230 million. The attack is believed to have been carried out by the Lazarus group, a cybercriminal organization linked to the North Korean government. WazirX has proposed a "socialized loss strategy" to distribute the impact among users, with most investors eligible to receive 55% of their holdings.

Year ender 2024: Biggest cyberattacks in India

Economic Times

Economic Times · 8m ago

Year ender 2024: Biggest cyberattacks in India

In 2024, cyberattacks in India surged by 76%, affecting telecom, stock brokerage, cryptocurrency, and banking sectors. Notable incidents included BSNL's data breach exposing sensitive information, Angel One's data leak of 7.9 million customers, and a massive $235 million theft from cryptocurrency platform WazirX. A ransomware attack took 300 small banks offline. Cyber scams cost Indians nearly Rs 12,000 crore, with predicted annual attacks potentially reaching a trillion by 2033, highlighting the dire need for strengthened cybersecurity.

Delhi Police Files FIR In $230 Mn WazirX Crypto Heist

Inc42 · 1y ago

Delhi Police Files FIR In $230 Mn WazirX Crypto Heist

WazirX, a cryptocurrency exchange, plans to collaborate fully with authorities to track down stolen funds and bring the perpetrator to justice. A First Information Report (FIR) has been filed under applicable sections of the Indian penal code. The incident revolves around a cybersecurity breach last month, resulting in the theft of approximately $230 million worth of cryptocurrency from one of WazirX's multisig wallets.

WazirX faces flak over handling of $230-million crypto heist

Economic Times

Economic Times · 1y ago

WazirX faces flak over handling of $230-million crypto heist

Indian cryptocurrency exchange, WazirX, faced criticism after experiencing a major data breach resulting in $230 million worth of stolen investor holdings. Social media users expressed concerns, calling on WazirX to take responsibility for the losses and questioning why customers should have to absorb them. It was reported that the FBI has reached out to WazirX to investigate the cyberattack allegedly involving North Korean hackers. WazirX responded by implementing a fair and transparent socialised loss strategy to distribute the impact across all users. Rupee and crypto withdrawals on the platform are currently on hold.

Crypto’s legal tangles seem as mystifying as digital asset itself

Economic Times

Economic Times · 12m ago

Crypto’s legal tangles seem as mystifying as digital asset itself

Users of the troubled cryptocurrency platform WazirX have discovered that they are considered "unsecured creditors" of the Singapore company Zettai. The relationship between WazirX and Zettai is complex, but it has come to light that some of the platform's top users are seeking to protect their privacy. The lack of clear regulation around cryptocurrencies has made it difficult for WazirX users to determine how long it will take to recover their funds or which cryptocurrencies can be salvaged. The platform is now looking for a "white knight" to provide rescue financing.

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