WazirX combats a major cyber attack by announcing a reward program, filing a police complaint, reporting to FIU and CERT-In, and contacting 500+ exchanges to block stolen funds.
This week, WazirX, a prominent exchange in India, announced a reward program for the freezing and recovery of misappropriated assets in response to a significant cyber attack. Officials from WazirX disclosed the significant measures they implemented in a post that was published on X.
The exchange also reported the incident to the Financial Intelligence Unit (FIU) and CERT-In, and lodged a police complaint.
Furthermore, Nischal Shetty, the co-founder of WazirX, disclosed that he had reached out to more than 500 exchanges to prevent the use of addresses that were discovered to be linked to the stolen funds. It appears that the actions that exchanges will take about the misappropriated assets are also significant.
WazirX will implement a reward program to motivate individuals and organizations to assist in the freezing or recovering identified misappropriated assets, as per Shetty’s statement. The program’s objective is to assist in the tracking of the misappropriated funds.
Furthermore, exchange officials are currently in discussions with a variety of teams that specialize in the surveillance of stolen cryptocurrency transactions. These expert teams are expected to offer ongoing monitoring and assistance during the potential recovery process.
WazirX conveyed its appreciation for the support provided by the broader Web3 ecosystem in a separate statement. The exchange underscored the necessity of a collaborative effort to address the issue and guarantee the Web3 community‘s orderly operation through successive announcements.
The team is continuing its efforts, and the origin and extent of the attack are still being investigated, according to Shetty’s subsequent statement.
WazirX has also established a partnership with law enforcement agencies. This collaboration aims to apprehend the perpetrators and retrieve as much of the stolen property as feasible.
WazirX suffered a substantial loss of approximately $235 million due to the attack. This is the second-largest loss in recent centralized exchange attacks. This incident was only surpassed by the $305 million DMM exploit on May 31.