In the last week, WazirX experienced a major security breach involving exploiting transactions, which resulted in nearly a quarter billion dollars worth of cryptocurrency being stolen by anonymous hackers. The hack of India's largest crypto exchange triggered widespread concern in the community, as the compromised address has been actively exchanging various digital assets for Ethereum (ETH), creating significant sell pressure on the affected tokens.

Among the notable transactions was the withdrawal of 5.4 trillion Shiba Inu (SHIB), valued at $102.13 million. This massive SHIB sale contributed to a decline in the token's price by almost 8% at one point.

Today, Spot On Chain reported that the WazirX exploiter moved 16,345 ETH, worth about $56.88 million, to two new wallets, “0x58d” and “0x668," and still holds 43,962 ETH, which is equivalent to around $153 million, across various wallets.

Moreover, the exploiter continues to sell assets like CTSI, PUSH, REEF and REN for more ETH.

At the same time, WazirX is actively working to address the breach and recover the stolen funds. The exchange has attracted a number of on-chain investigators and analysts in an effort to identify the hacker.

To incentivize assistance, WazirX is offering up to $23 million in rewards to those who help recover the stolen assets. The exchange has called on white hat hackers, blockchain forensics experts and cybersecurity professionals from around the world to join the bounty hunt.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.