WazirX cancels all open orders, adding blocked INR and crypto assets back to user balances.
Despite a $230M hack, WRX coin shows resilience, raising questions about its unexpected growth.
WazirX blames wallet provider Liminal for the hack, sparking further controversy and user backlash.
WazirX, the Indian crypto exchange still reeling from the $230 million security breach aftermath, stated that all open orders on its platform will be canceled, with the linked assets to be returned to users’ balances. This action is part of their ongoing efforts to resolve the issues surrounding INR and crypto balances on the platform.
👋 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
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 21, 2024
The trouble started when WazirX reported that 45% of investor funds were stolen, forcing the suspension of its platform. This incident triggered demands from thousands of investors to get their funds back. However, the exchange has struggled to provide a clear compensation plan, leaving many users frustrated and worried.
Despite the ongoing issues, the WRX token, WazirX’s native cryptocurrency, has shown surprising strength, continuing to grow against the odds. Analysts have observed that WRX has managed to maintain its resistance level, with its current price hovering at $0.15. This growth has continued even with low trading volumes and broader market downturns, like the crash on August 8 that affected Bitcoin and other cryptocurrencies.
Experts speculate that bot trading, insider activities, or the token’s inherent value could be pushing its price upwards. The technical analysis of WRX also suggests a bullish pattern, with higher highs forming after higher lows, indicating potential for further gains.
Alongside the controversy, WazirX had conducted a forensic investigation into the hack, blaming the wallet provider, Liminal Custody, for the security breach. According to the findings from Mandiant Solutions, a cybersecurity firm, the breach originated from Liminal’s infrastructure. WazirX has faced criticism over its network security and operational controls, with questions raised about its role in managing the affected wallets.
The post WazirX Reeling from $230M Hack, Cancels Open Orders appeared first on Coin Edition.
