WazirX Restoring User Balances After Security Breach
WazirX, the Indian cryptocurrency exchange that recently experienced a significant security breach, is in the process of reinstating user account balances to their pre-breach levels. This decision follows an extensive review of user feedback and aims to address concerns raised by the community.
Restoring User Balances
The exchange has committed to restoring all user balances and reversing any trades that occurred on the platform after withdrawals were suspended on July 18th, 2024, at 1 PM IST. This move is part of WazirX’s efforts to safeguard user funds and ensure fairness for all affected users.
- User Balances Being Restored
- Balances will be reverted to pre-breach levels
- Trades conducted during the suspension period will be reversed
- Withdrawals and trading activities remain suspended
Addressing User Concerns
WazirX has taken the security breach seriously and is working diligently to address user concerns and restore trust in the platform. The restoration process will be completed in the coming days, with affected users receiving notifications about the status of their accounts.
FAQs Answered By WazirX
The exchange has provided answers to frequently asked questions from users regarding the restoration process and associated fees. Some key points include:
- Crediting back any deducted taxes (TDS) from affected trades
- Reversing fees and referrals linked to affected transactions
- Cancelling pending transactions and restoring portfolios to pre-breach status
Hacker’s Actions Post-Breach
Following the security breach, reports indicated that the hacker had converted a significant portion of the stolen funds into Ethereum (ETH), totaling around $149.46 million. The exchange is taking steps to address the aftermath of the breach and ensure the security and integrity of its platform moving forward.
Hot Take: WazirX Prioritizes User Security and Trust
In light of the recent security breach, WazirX is demonstrating its commitment to user security and trust by restoring balances and addressing concerns promptly. The exchange’s proactive approach to mitigating the impact of the breach reflects its dedication to safeguarding user funds and upholding transparency in its operations.
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