Hacker Transfers $57M in Stolen WazirX Funds to New Wallets

Home » Hacker Transfers $57M in Stolen WazirX Funds to New Wallets

As the Indian exchange ramps up its bug bounty initiatives, the latest on-chain movements have shown the transfer of 16,350 Ether (valued at over $57 million) to two new crypto wallets.

The hacker responsible for the $230 million WazirX breach has recently shifted another $57 million of the stolen cryptocurrency. As the Indian exchange ramps up its bug bounty initiatives, the latest on-chain movements have shown the transfer of 16,350 Ether (valued at over $57 million) to two new crypto wallets.

The bulk of these funds, approximately $54 million, were directed to the wallet address “0x58d,” as highlighted in a July 22 post by blockchain security firm PeckShield. This transfer is part of the second-largest cryptocurrency hack of 2024, which saw over $230 million stolen from WazirX. The ongoing movement of these assets may provide crucial insights into the hacker’s identity.

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WazirX Enhances Bug Bounty Programs

In response to the hack, WazirX has introduced two bounty programs aimed at tracking the stolen funds. The “track and freeze” bounty offers up to $10,000 in Tether (USDT) for actionable intelligence that leads to freezing the stolen assets. Additionally, the “white hat recovery” bounty has been doubled to $23 million, rewarding ethical hackers with up to 10% of the recovered amount. Currently, 54 white hat hackers have signed up for the recovery program.

Cryptocurrency Sector Faces Tough Times

The WazirX incident occurred during a challenging week for the cryptocurrency sector, which also saw Rho Markets suffer an $8 million exploit. However, in a positive turn, all the funds were returned to Rho Markets after an unauthorized individual exploited a misconfigured price oracle. The incident involved a maximal extractable value (MEV) bot, which profited from the misconfiguration but ultimately restored the funds.

Conclusion

The WazirX hack and the subsequent movements of stolen funds highlight the ongoing vulnerabilities in the cryptocurrency industry. However, the proactive measures taken by WazirX, such as enhancing bounty programs, demonstrate a commitment to combating such threats and recovering stolen assets.