Crypto platform Shezmu successfully recovered nearly $5 million in stolen funds through negotiations with the hacker.
Shezmu Hack Incident
On September 21, Chaofan Shou, co-founder of blockchain analytics firm Fuzzland, reported a compromised Shezmu vault. Whether the incident was a rug pull or an actual hack is still unclear, but Shou confirmed that around $4.9 million worth of cryptocurrencies were stolen.
Negotiations and Fund Recovery
Shezmu confirmed that one of its ShezmuUSD (ShezUSD) stablecoin vaults was exploited and proactively urged the hacker to return the funds in exchange for a bounty reward with no legal repercussions. The platform requested the return of 90% of the stolen funds within 24 hours via an onchain message. The hacker demanded a 20% bounty reward, which Shezmu agreed to. Within hours, the platform began receiving returned Dai tokens, followed by ETH and WETH.
WazirX Situation
Meanwhile, Indian crypto exchange WazirX has made no progress in tracking down its $230 million stolen funds 60 days after the hack. The exchange blamed its custodian Liminal, but an independent audit found no evidence of a cyberattack. WazirX also faced legal threats from competitors, including CoinSwitch, which demanded the return of approximately $6.2 million.
Shezmu managed to recover most of the stolen funds, while WazirX continues to deal with the aftermath of the hack.
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