“Our foremost goal is to recover the stolen funds. This bounty programme is designed to tap into the expertise of the community to achieve this critical objective,” said Nischal Shetty, Founder, WazirX.
The cryptocurrency network WazirX announced a $23 million reward on Sunday to help recover the $234 million in digital assets that were lost in a cyberattack.
White-hat hackers, specialists in blockchain forensics, and cybersecurity experts from all around the world were invited by the corporation to participate in the recovery effort.
Assuming successful recovery and certification, WazirX said it gives a reward equal to 10% of the recovered value. “This could potentially amount to $23 million, making it one of the largest bounties ever offered in the crypto industry,” said the crypto platform.
“Our foremost goal is to recover the stolen funds. This bounty programme is designed to tap into the expertise of the community to achieve this critical objective,” said Nischal Shetty, Founder, WazirX.
The bounty initiative will last for three months.
The WazirX multisignature Ethereum wallet was the victim of a cyberattack on July 18 that took $234 million.
Due to government regulation pressure and a strict crypto tax regime, the cryptocurrency exchange WazirX suffered a sharp decline in trading volume last December, with its volume reaching just $1 billion in 2023, a dramatic 90% decrease from 2022. The Indian government implemented a 30% tax on virtual currencies in 2022, along with a 1% discount for each cryptocurrency transaction. Using the provisions of the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA) pertaining to cryptocurrencies, the Enforcement Directorate (ED) looked into multiple cases in the same year.
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