Key Takeaways:
- WazirX halted trading after a $235 million cyberattack, launching a bounty program to recover the stolen assets.
- The exchange contacted over 500 exchanges and is collaborating with law enforcement and forensic experts.
- Binance will return to India after paying a $2 million non-compliance fine amid recent significant hacks on centralized exchanges.
WazirX, a leading Indian cryptocurrency exchange, paused trading after a cyberattack stole $235 million.
In response, WazirX launched a bounty program to incentivize experts and the community to help recover the stolen assets.
📢 Trading has been temporarily paused
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 21, 2024
The cyber attack theft has impacted our ability to maintain 1:1 collaterals with assets, and we've temporarily paused trading.
We're conducting thorough forensic data examination and security audit procedures and working to enable…
The exchange contacted over 500 exchanges to block addresses linked to the theft and is working with law enforcement and forensic experts.
Co-founder Nischal Shetty emphasized the need for broad cooperation to trace the funds, filing police reports and notifying authorities like the Financial Intelligence Unit (FIU) and CERT-In.
Entire WazirX team has been working non stop to help resolve the situation.
— Nischal (Shardeum) 🔼 (@NischalShetty) July 21, 2024
We will continue to work for our customers and go on the path to rebuilding everything.
It will take time but we will not give up.
I haven’t had time to address the team internally but thankful they…
The Web3 community‘s support was acknowledged as crucial in tackling the issue.
Additionally, Binance is set to return to India after paying a $2 million non-compliance fine.
Wazirx Updated hacker bounty to $23 Million pic.twitter.com/LXcnBz5Kcy
— Aditya Singh (@CryptooAdy) July 21, 2024
This attack on WazirX is the second-largest hack of a centralized exchange recently, following a $305 million DMM exploit.
Crypto investigator ZachXBT reported the attacker’s wallet still holds over $104 million.
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