Nischal Shetty, the creator of WazirX, has revealed his intentions to retrieve the pilfered crypto cash. He has also made it clear that no security breach took place before July 18.
There has been disinformation circulating regarding the hacking of WazirX and a few wallets, which occurred eight days before the actual theft. The platform is currently developing a system to conduct polls and will consider reopening if the results of the poll are favorable.
WazirX intends to initiate by securing a portion of each individual’s crypto portfolio value in locked tokens and then seeking ways to release those tokens. The Indian government has implemented prudent restrictions and taxation policies on crypto.
In response, the community has proposed the practice of burning tokens using exchange proceeds gradually, exploring novel applications for the token, and distributing tokens through airdrops from new initiatives.
The attack took place when the custody provider Liminal was in operation; however, the product platform and infrastructure remained secure and were not compromised.
WazirX has made significant progress in its recovery efforts, having received a total of 195 submissions. According to PeckShield, the hacker transferred $57 million worth of ETH to two newly created crypto wallets, with the majority of the funds sent to the address “0x58d.”
WazirX has introduced two bounty programs: the “track and freeze” bounty, which provides a reward of $10,000 in Tether (USDT) for retrieving information that leads to the freezing of stolen assets, and the “white hat recovery” bounty, which offers a payment of up to 10% of the amount recovered for assisting in the recovery process.
Users on X, formerly Twitter are disappointed and seeking answers from the exchange.
