The India-based crypto exchange, WazirX announced that it has canceled all open orders on its platform as part of its ongoing effort to restore the system to full capacity following a major hack in mid-July. Users took to social media to express their frustration and demand transparency. Interestingly, this comes after the exchange went offline for a brief maintenance earlier this month.
WazirX has called for calm and assured users that they are working round-the-clock to resolve pending issues. Also, a few days after the hack, the exchange announced a bug bounty program, giving out $23 million to recover stolen crypto assets. The initiative aims to mobilize its global community for monitoring and recovering stolen assets.
WazirX Updates Users
In a recent post on X (formerly Twitter), the self-acclaimed largest and fastest-growing exchange in India informed its global users that all open orders placed on the platform have been canceled. Notably, the team pointed out that any Indian Rupee (INR) and crypto orders that are blocked in the open orders will be refunded to user balances.
tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto⊠pic.twitter.com/G5zUyB36hN
â WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 21, 2024
WazirX stressed that the decision is part of its continuous effort to resolve all issues surrounding INR and cryptocurrency balances. Recall that the exchange paused withdrawals following the security breach and then went into maintenance mode in early August to restore account balances and undo the paused withdrawals.
The hack saw about $230 million in user assets stolen from the platform. Among the stolen cryptocurrencies include about $102 million in Shiba Inu, $52 million in Ethereum, and $11.2 million in MATIC. PEPE, USDT stablecoin, and GALA were also stolen during the breach.
Meanwhile, a forensic analysis by Mandiant Solution, a subsidiary of Google, discovered that WazirX laptops were not compromised during the cyber attack.
âWe did not identify evidence of compromise on the three laptops that were used for signing transactions,â the report stated.
The revelation marked a crucial step in the ongoing investigation into the incident and marked WazirXâs commitment to securing its systems. WazirX reiterated it is committed to full transparency even though its users share a different opinion.
Community Reacts to Update, Demand Full Transparency
Meanwhile, WazirX users have expressed their frustration on X over the recent cancelation of open orders. They questioned the exchange activities especially since it recently returned from maintenance. A user Aditya Singh, called the situation âWeirdâ since this was not handled during the maintenance. He asked the WazirX team when it would respond to the communityâs demand for transparency given that users have been calling for this for over a month.
Singh dropped a list of six items that the community expects WazirX to address including; A complete breakdown of the full cryptocurrencies stolen during the hack, a breakdown of the remaining cryptocurrencies held by the exchange and the amount, a disclosure of wallet addresses since the proof-of-reserve (POR) was disabled on Coingabbar (a top crypto market cap and insight platform in India).
Additionally, Singh demanded that WazirX publish the details of the surplus holding reported in the previous POR, disclosure of INR holdings, and lastly, a report on the amount of crypto held for institutions. He concluded by seeking a precise update on withdrawals since the exchange has only repeated that it has been working on it since the hack.
Another user âDr SathishSâ also questioned transparency saying âThe way you are staying away from transparency, I am wondering if you really mean to return the unaffected and affected funds/assets to users.â
Amid the chaos, the price of the native token of the WazirX platform, WRX, has spiked in the last 24 hours. According to data from CoinMarketCap, WRX increased by 1.47% to trade at $0.1531 at the time of writing.
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