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.
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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.
Related: Immunefi Halts Operations With TrustSec Amidst Bounty Payment Disagreement
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.
Related: Kraken Reports Hackers Resorted to 'Extortion' After Exploiting Bug for $3M
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.
Related: South Korean Authorities Investigate the Lazarus Group's Alleged Connection to Upbit Hack
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.
John is a renowned journalist and blockchain enthusiast with over 12 years of experience covering global financial trends and cryptocurrency markets. His sharp insights and ability to break down complex topics make him a cornerstone of finandcrypto.com. Known for his analytical skills, John is passionate about delivering content that empowers the crypto community.
