Indian cryptocurrency exchange WazirX has taken a significant step to protect remaining user assets by temporarily halting withdrawals and trading activities. This unexpected move comes amidst their ongoing recovery efforts following a recent cyberattack that resulted in the theft of over $230 million worth of digital assets.The exchange announced the suspension through a blog post on their website, citing the need to ensure the safety of users&#39; funds. The decision likely stems from the overwhelming response to their recently launched bounty program. In a surprising development, WazirX revealed that they received more than 80 inquiries for the program within just 24 hours.This surge in interest highlights the high stakes involved. The bounty program offers substantial rewards, with up to $10,000 worth of USDT (Tether) for actionable intelligence leading to asset recovery. Additionally, WazirX is offering a hefty &#34;white hat bounty&#34; of 10% of the stolen funds, which translates to a potential reward of $23 million.While the influx of bounty program applications is a positive sign for potential asset recovery, it also indicates the complexity of the situation. WazirX is likely prioritizing a thorough investigation and implementing stricter security measures before resuming normal operations. This includes collaborating with law enforcement agencies, forensic experts, and potentially other cryptocurrency exchanges to track and freeze stolen funds.The temporary suspension of withdrawals and trading activities is undoubtedly an inconvenience for WazirX users. However, the exchange emphasizes that this is a precautionary measure to safeguard remaining assets. They have pledged to keep their community updated on their progress and aim to resume withdrawals as soon as possible.This incident serves as a stark reminder of the vulnerabilities within the cryptocurrency space. As the investigation unfolds, it will be crucial for WazirX to regain user trust by demonstrating transparency and a commitment to robust security protocols.

WazirX Pauses Withdrawals and Trading After Surge in Bounty Program Applications

Decilizer

Other articles published on Jul 23, 2024

Shiba Inu’s Shibarium Takes A Beating Across Major Metrics, A Cause For Alarm?

Koreans trade MEW meme token more than Bitcoin (BTC)

Hamster Kombat Daily Combo and Cipher Code for 24 July 2024

BlockDAG Attracts Investors Following Partnership with UFC Champ Alex Pereira; Additional Insight...

Ethereum Price Prediction: Will ETH price reach $5K With The Launch Of ETH ETF?

Winklevoss-Backed Real Bedford FC Invests $4.5M in Bitcoin

Join our free newsletter for daily crypto updates!