Indian crypto exchange Wazirx says it is close to completing the reversal of trades after the $230 million cyberattack. “We’re working with legal experts to help us formulate an effective method for enabling withdrawals,” the exchange stated. Additionally, Wazirx revealed that its bounty program has attracted 344 bounty hunters to help recover the stolen funds.
Wazirx Update: Trade Reversals Near Completion, 344 Bounty Entries Received
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Wazirx Updates on Recovery Efforts After Cyberattack
Wazirx, a prominent Indian crypto exchange, has provided an update on its recovery efforts following a massive cyberattack that resulted in the loss of $230 million. The attack, which affected one of its multisig wallets, led to the immediate suspension of withdrawals. In response, the exchange has decided to reverse all transactions made after the withdrawal freeze.
The exchange stated on social media platform X Tuesday:
We are nearing the completion of restoring the balances for trades that happened between 18 and 21 July. This will undo all trades carried out on the Wazirx platform following the stoppage of withdrawals on 18 July 2024, at 1 PM IST.
In addition to reversing trades, Wazirx explained: “We’re working with legal experts to help us formulate an effective method for enabling withdrawals.” Last week, the exchange filed a First Information Report (FIR) with Indian authorities. Nischal Shetty, co-founder of Wazirx, has asked users for patience as the exchange works on resolving the situation. On Tuesday, he posted on X: “These efforts take time, please bear with us as we navigate through this difficult period.”
However, users are increasingly worried about Wazirx’s handling of the cyberattack, especially the platform’s delayed action in allowing withdrawals. Frustrated by the potential risk to their funds, many users are urgently requesting access to their assets, insisting on the prompt return of their money.
As part of its efforts to recover funds, Wazirx has also launched a bounty program. The exchange revealed on Tuesday:
For our Bounty Program, we’ve received entries from 344 bounty hunters, including security professionals and ethical hackers, who are actively pursuing the trail of the stolen funds.
“We are in touch with multiple partners to explore all possible solutions to mitigate the financial impact of the cyberattack. Currently, we are in discussions with seven partners and making steady progress,” Wazirx further shared.
What do you think about Wazirx’s recovery efforts following the massive cyberattack? Let us know in the comments section below.
