WazirX is a leading Indian crypto exchange which recently faced a major security breach. The hack resulted in the theft of over $230 million of hacked WazirX user funds. This incident shows the difficulties of securing digital assets. The community reaction has been mixed with some users tense about the future of WazirX and others telling of the importance of restricting the hackers to steal the important funds. A few users found relief that their small holdings were not affected while many are concerned about who will cover the losses.
Conversion of Stolen Funds
The hacker managed to convert a significant portion of the hacked WazirX user funds into Ethereum (ETH). Currently the hacker holds approximately $206 million worth of ETH. However $5.6 million worth of other cryptocurrencies remain in their possession.
Distribution of Funds
The stolen funds are divided among three wallets:
- Wallet 1 contains about $153.5 million worth of ETH.
- Wallet 2 holds roughly $53.5 million worth of ETH.
- Wallet 3 has around $5.6 million worth of various cryptocurrencies.
Recently the hacker transferred 16,350 ETH valued at over $57 million to two new cryptocurrency addresses. Most of these funds which are over $54 million went to the address “0x58d.”
Efforts to Track and Recover Funds
WazirX is actively working to track and recover the hacked WazirX user funds. They have launched two bounty programs inorder to recover the hacked WazirX user funds:
- Track and Freeze Bounty: This program offers up to $10,000 in Tether (USDT) for information that leads to the freezing of the stolen funds.
- White Hat Recovery Bounty: Ethical hackers can earn up to 10% of the recovered amount. Following community feedback WazirX have doubled the upper limit of this bounty to $23 million. Currently 54 white hat hackers have registered for this program.
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People Reaction To This
Most of the people are worried about the amount they have invested in Wazirx as one user says that “Rest of other users whose money were not hacked, is it safe or going to be hacked soon”. Another user said that “It’s been a week but still no good news has come out about the hacked WazirX user funds”.
Some users criticized WazirX on X saying that “Hacker also know how to diversify but WazirX don’t”. Some users are asking Nischal Setty to open up withdrawals in WazirX “ Nischal Shetty if you are concerned about your customers please open the crypto withdrawals ASAP at least we have a chance of getting some profit in this bull run”.
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