This week, WazirX, one of India’s leading exchanges, took a significant step against a major cyber attack and announced a reward program for freezing and recovering stolen assets. In a post published on X, WazirX officials announced the important steps taken. The exchange also filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. Additionally, WazirX co-founder Nischal Shetty announced that he had contacted over 500 exchanges to block addresses found to be associated with the stolen funds. The actions that exchanges will take regarding the stolen assets also seem to be important.
WazirX Seeks Expert Support
According to Shetty’s statement, WazirX will launch a reward program to encourage individuals and organizations to help freeze or recover known stolen assets. The program aims to support efforts to trace the stolen funds.
In addition, exchange officials are also in talks with various teams specializing in monitoring stolen cryptocurrency transactions. These expert teams are expected to provide continuous monitoring and support during a possible recovery process.
In another statement, WazirX expressed gratitude for the support from the broader Web3 ecosystem. While making successive announcements, the exchange highlighted the need for a collective effort to resolve the issue and ensure the Web3 community operates in an orderly manner.
In Shetty’s next statement, it was mentioned that the team is continuing its efforts and that the cause of the attack and its extent are still being investigated.
WazirX Reaches Out to Security Forces
WazirX has also entered into a collaboration with law enforcement agencies. This collaboration aims to catch the perpetrators and recover as much of the stolen assets as possible.
The attack on WazirX resulted in a significant loss of approximately $235 million. This makes it the second-largest loss in recent centralized exchange attacks. Only the $305 million DMM exploit on May 31 surpassed this incident.
