The Users of WazirX crypto exchange will have to wait for 60 days before initiating any legal action to recover their funds.
After stole of $234 Million amounting to half of investors and the exchange breached by unknown hackers, The founders of exchange announced a awards program to recover the stolen assets.
Massive security breach reported in WazirX exchange.
A massive security breach was reported in the multisig wallet of WazirX, India’s largest cryptocurrency exchange on July 18. This security beach led to the theft of $234.9 Million worth of assets. After this WazirX stopped all withdrawals from their platform and also informed to all the users that they approached police for investigation.
That’s why Nischal Shetty, who is the co-founder of WazirX decided to announce a “Awards program” to recover the stolen assets from their platform amounting to $234.9 Million.
The co-found of Exchange Nischal Shetty also called for a unified support from the crypto ecosystem wordwide and that of India against this unusal cyber attack on their platform. He said, we can find a solution which will help us to keep the ethos of Web3 communities alive and bring hope for future participants of this ecosystem.
In additon with Awards Program, Further discussions also going on to continous tracing of fund movements with a few teams that claim to be experts on this. WazirX also informed to all other exchanges for help to recover stolen funds. Their support in recovery will be very helpful as stolen funds move. Exchange is also analysing data to understand the extent of damage and also working on further law enforcement and regulatory procedures.
An initial Award was announced by Arkham Intel on Twitter after which crypto sleuth ZachXBT claimed to have identified a KYC centralized exchange deposit linked to the hack. Concurrently, Elliptic, a blockchain analytics firm, has implicated North Korean hackers Lazurus Group in the incident.
