Indian cryptocurrency exchange WazirX announced that, after careful consideration and in response to community feedback, it will restore the balances of all accounts and reverse all trades executed on its platform after withdrawals were halted at 1 PM IST on July 18th.
According to the announcement, all users will have their portfolio balances on the WazirX platform restored to their state as of that time. This restoration will occur over the next few days, and affected individuals will receive an email detailing any trades that were impacted.
This move is intended to maintain the platform’s integrity and ensure a fair resolution for users following the disruption caused by the cyberattack.
Important Update:
We are actively listening to your feedback and taking decisive action to address your concerns! After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo… pic.twitter.com/Bmp6GqvPfr
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 8, 2024
WazirX Experiences Security Breach, Leading To A Loss Of $230M
Founded in 2018, WazirX’s exchange has over 16 million users and is integrated within the Binance ecosystem. The platform is designed to make cryptocurrencies accessible throughout India.
The exchange was exploited in July, leading to the loss of nearly $230 million, which represents about 45% of its total assets. The bad actor siphoned more than $100 million in Shiba Inu tokens, along with 20 million Matic tokens, valued at $11 million, 640 billion Pepe tokens worth $7.5 million, 5.7 million USDT, and 135 million Gala tokens, equivalent to $3.5 million. After the incident, WazirX suspended trading activities.
WazirX subsequently announced a plan for a “socialized loss strategy,” which includes two main approaches: pursuing legal action and socializing the loss while working on rebuilding.
Additionally, the exchange initiated a poll asking customers to choose between two options: accessing 55% of their funds without the ability to withdraw but with priority for any potential recovery funds or accessing their funds with withdrawal rights but receiving second priority for recovery, with the remaining 45% converted to USDT and locked. This plan has faced a backlash from the community.
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