WazirX to restore balances of accounts, undo all trades affected by hack WazirX to restore balances of accounts, undo all trades affected by hack
WazirX will notify users via email about the impacted trades and account reversals over the next few days.
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Updated: Aug. 8, 2024 at 12:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
WazirX has announced the restoration of user balances and the reversal of trades conducted between July 18 and July 21. This decision follows a $230 million attack that disrupted platform operations on July 18, leading to the suspension of withdrawals. Per WazirX, this measure is intended to ensure equitable treatment for all users affected by the incident.
After feedback from numerous users, WazirX has decided to restore all account balances to their state as of July 18, at 1 P.M. IST. The restoration process will unfold over the next few days, and affected users will receive email notifications detailing the impacted trades. This decision aims to protect the platform’s integrity and provide a fair outcome for users following the abnormality caused by the cyberattack.
All trades executed within the period will be rendered ineffective, and any associated fees and referrals will be reversed. Users who deposited fiat or crypto during this period will have their transactions addressed in a future update. During restoration, trading and withdrawals on the platform will remain halted.
Tax implications, such as Tax Deducted at Source (TDS) associated with the affected trades, will be credited back to the users. The restoration will affect INR and crypto balances to the extent that trades involving these currencies were executed after the specified time.
WazirX has assured users that they are actively listening to feedback and taking steps to address concerns, emphasizing the importance of user patience and support as they work towards resuming normal platform operations. An X (formerly Twitter) post from the WazirX official account reads,
“This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack which occurred on 18 July 2024.”
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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WazirX
WazirX is an India-based cryptocurrency exchange with an advanced trading interface and features to Buy, Sell & Trade cryptocurrencies.
