The post Coincidence or Conspiracy? The Overlapping Timelines of WazirX Hack and Shardeum’s Launch appeared first on Coinpedia Fintech News

As an irony of fate would have it, the founder of WazirX which was recently targeted by hackers for misuse of customers’ cryptocurrency is himself heading a massive bug bounty for another firm he is associated with. 

This has ignited speculation and raised eyebrows within the cryptocurrency community. As details emerge, questions about the timing of these events and potential connections between the two incidents are growing louder.

Is something fishy going on? Read on for the truth.

Suspicious Timing

Around the same time that $230 million was stolen from WazirX, Nischal Shetty, the exchange’s founder, launched a $1 million bug bounty for Shardeum, a blockchain project he co-founded. This timing has raised suspicions, with some wondering if the WazirX hack was an insider job to fund Shardeum’s upcoming token launch.

On August 7, 2024, wazirx

wazirx

Centralised ExchangeCrypto trading and Information

, a popular cryptocurrency exchange, was hacked, resulting in the loss of $230 million. The attack exposed weaknesses in the exchange’s infrastructure, leading to serious concerns about its security measures.

A Bug Bounty Amid Chaos

At the same time as the WazirX hack, Shetty’s other project, Shardeum, announced a $1 million bug bounty. This move is part of Shardeum’s preparation for its initial token sale, aiming to secure the platform and build investor confidence. However, the timing has sparked speculation about a possible link between the bounty and the hack.

The bug bounty program, launched before Shardeum’s platform goes live, is designed to strengthen the network’s security. The large reward shows the project’s commitment to protecting the new token and ensuring investor trust.

A Concerning Pattern in Crypto

Blockchain analyst Boring Sleuth compared this situation to Wintermute—a crypto trading firm that was hacked for $160 million and then quickly announced a new decentralized exchange (DEX) and token. In the crypto industry, major hacks often seem to be followed by big project launches, raising questions about whether these events are just bad luck or part of a larger strategy.

The close timing of these breaches and new project launches points to a bigger problem in the cryptocurrency sector. These incidents, often lacking transparency, raise concerns about insider manipulation and highlight the need for stronger regulations and better security measures.

Also Check Out: Weekly Crypto Hack Report: Largest Incidents and Financial Losses 

Is there more to this story than meets the eye? Let us know what you think.

The post Coincidence or Conspiracy? The Overlapping Timelines of WazirX Hack and Shardeum’s Launch appeared first on Coinpedia.org.