CoinDCX Launches White Hat Bounty Program After $44 Million Hack
Indian cryptocurrency exchange CoinDCX has introduced a white hat recovery bounty program following a security breach that resulted in the theft of $44 million worth of stablecoins. The exchange is offering ethical hackers up to 25% of the recovered funds as a reward for assisting in the retrieval of the stolen assets.
The hack, which targeted the exchange’s stablecoin reserves, has prompted CoinDCX to seek external assistance from cybersecurity experts and ethical hackers. The recovery program aims to incentivize white hat hackers to collaborate with the exchange in tracing and retrieving the stolen funds.
Under the terms of the bounty, participants who successfully help recover the stolen stablecoins will be eligible for a reward of up to 25% of the recovered amount. The exchange has not disclosed specific details about the hack but confirmed that investigations are ongoing.
CoinDCX emphasized its commitment to user security and assured customers that it is taking all necessary steps to mitigate the impact of the breach. The exchange has also urged users to remain vigilant and report any suspicious activity related to their accounts.
This move follows a growing trend of crypto platforms turning to white hat hackers for assistance after security incidents. By offering a substantial reward, CoinDCX hopes to expedite the recovery process while maintaining transparency with its user base.
The exchange has not provided a timeline for the recovery efforts but stated that updates will be shared as the investigation progresses. Customers have been advised to monitor official channels for further announcements.
