Indian crypto exchange Wazirx has decided to reverse all trades made after withdrawals were halted following the recent cyberattack. The exchange announced that this process will take place over the next few days, with all users’ portfolio balances on the platform being restored to their July 18 post-hack levels.
Wazirx to Reverse All Trades Made After Withdrawal Freeze
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Wazirx to Reverse Trades Following Withdrawal Suspension
Indian cryptocurrency exchange Wazirx announced a major decision on Thursday after filing a First Information Report (FIR) earlier this week, following a cyberattack that compromised one of its multisig wallets and led to a $230 million loss.
In a statement on social media platform X, Wazirx detailed:
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 all trades carried out on the Wazirx platform following the stoppage of withdrawals on 18 July 2024, 1 PM IST.
Concerns have surged on social media regarding the lack of updates and the direction Wazirx has taken in response to the cyberattack. Several individuals, including Coindcx CEO Sumit Gupta, have urged Wazirx to prioritize its customers’ interests rather than shifting the losses onto them through a socialized loss strategy. Many users, distressed by the potential loss of their funds, are pleading for the return of their hard-earned money, with some demanding the immediate release of their assets.
Wazirx added in its statement, “All users will have their portfolio balances on the Wazirx platform restored to what they were on 18 July 2024, 1 PM IST,” emphasizing:
This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades.
The exchange claimed that this step is necessary to protect the platform’s integrity and ensure a fair outcome for everyone impacted by the breach.
What do you think about Wazirx’s response to the cyberattack and its decision? Let us know in the comments section below.
