Indian Crypto Exchange WazirX to Restore User Balances After $230M Cyberattack
Indian cryptocurrency exchange WazirX recently announced plans to restore all user account balances to their state as of July 18, 2024, at 1 PM IST. This decision comes after the exchange fell victim to a severe cyberattack that resulted in a loss of $230 million to attackers. The attack caused significant disruptions to the platform’s operations and user activities.
Restoration Plans Unveiled
- WazirX will nullify all trades and transactions on the platform over several days to ensure equitable treatment of all affected users.
- The exchange has halted all trading and withdrawal activities during the restoration process.
Reversal of Trades and Transactions
- WazirX will undo all trades carried out on its platform following the stoppage of withdrawals on July 18, 2024, 1 PM IST.
- Impacted users will receive email notifications detailing the reversed trades affecting cryptocurrency balances and Indian rupee holdings.
Suspension of Services
The exchange confirmed that the halt on trading and withdrawal activities will remain in place until the restoration process is complete. No specific timeline has been provided for the resumption of services.
Reversed Fees and Referrals
- All fees and referrals associated with the affected trades will be reversed by WazirX.
- Taxes deducted at source for these transactions will be credited back to users’ accounts.
Future Updates for Affected Users
WazirX assured users who deposited funds or cryptocurrencies during the affected period that these transactions have been duly noted and will be addressed in a future update.
Hot Take: WazirX Takes Decisive Action Post-Cyberattack
WazirX’s move to restore user balances and undo trades in the aftermath of a massive cyberattack showcases its commitment to addressing user concerns and maintaining fairness on its platform. The exchange’s efforts to rectify the situation and provide clarity to affected users are commendable, indicating a proactive approach to cybersecurity threats.
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