WazirX Outlines Steps for Recovering $234M in Crypto After Major Security Breach

• WazirX launches a bounty program to freeze or recover $234M in stolen cryptocurrencies, including SHIB, ETH, and MATIC.
• The exchange collaborates with other platforms and engages experts to trace fund movements and support asset recovery.
• WazirX warns users about fake profiles spreading false information and urges community cooperation for a resolution.

WazirX co-founder Nischal Shetty has revealed the crypto exchange’s next steps to mitigate the damage. On July 19, WazirX suffered an “unprecedented attack” that resulted in the loss of approximately $234 million in various cryptocurrencies, marking one of the most significant security breaches in recent times. The exchange has since been actively working on several measures to recover the stolen funds and prevent further damage.

Engaging with Experts for Fund Tracing

WazirX is preparing a bounty program aimed at freezing or recovering the stolen assets. The stolen assets include $102 million in SHIB, $52.5 million in ETH, $11.24 million in MATIC, $7.6 million in PEPE, $3.59 million in GALA, and $5.79 million in USDT. The team is also in discussions with experts to continuously trace the movements of the stolen funds. Shetty mentioned that they are in touch with several teams claiming expertise in this area.

Collaboration with Other Exchanges

In addition to these efforts, WazirX has informed other crypto exchanges about the incident. Some exchanges have responded and are cooperating, while others are yet to reply. WazirX is following up with these exchanges as their support will be crucial in tracking and recovering the stolen funds as they move across different platforms.

Data Analysis and Law Enforcement

The WazirX team is also analyzing data to understand the full extent of the damage caused by the hack. They are working on further law enforcement and regulatory procedures to address the situation comprehensively. These steps are essential for devising a plan to protect customer funds and restore trust in the exchange.

Warning Against Fake Profiles

Meanwhile, WazirX has issued a warning to crypto users to be cautious of fake social media profiles, websites, and emails impersonating the exchange. These fraudulent entities are spreading false information about the exploit, adding to the confusion and potential harm to users.

Community Support

Shetty expressed his gratitude to the Web3 ecosystem for their support during this challenging time. He emphasized the need for collective effort and cooperation from the entire community to find a solution that upholds the ethos of Web3 and provides hope for future participants in the ecosystem.