In Brief
The exchange announced that it will revert all accounts to their balances before trades were impacted when withdrawals were stopped on July 18 at 1 PM IST.
Indian cryptocurrency exchange WazirX In light of community input and a thorough review of the situation, WazirX confirmed it will restore all account balances to their status prior to the July 18 incident, including insights on trades that were affected.
The initiative aims to uphold the trustworthiness of WazirX and deliver a fair outcome for users following the cyber incident that disrupted services.
We hear your concerns and are taking substantial measures to resolve them! After reflecting on the feedback from many users, we’ve decided to restore account balances and reverse trades as necessary.
Since its inception in 2018, WazirX has garnered over 16 million users, becoming a critical part of the crypto ecosystem.
This exchange was targeted in July, leading to losses that amount to nearly 45% of its total assets. The attacker made away with over $100 million in Shiba Inu, alongside millions worth of Matic, Pepe, USDT, and Gala tokens. Following this, WazirX paused its trading services. Binance In response, WazirX revealed its ‘socialized loss strategy,’ which contains two primary tactics: pursuing legal action and redistributing losses while focusing on rebuilding efforts. throughout India .
Moreover, the exchange has put out a survey asking customers to choose between two options: either access 55% of their funds without withdrawal capabilities, prioritizing recovery, or get immediate access to funds with withdrawal rights but ranking lower for recovery priorities, leaving the remaining 45% locked.
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Alisa is a seasoned journalist at Cryptocurrencylistings, focusing on cryptocurrency, zero-knowledge proofs, and the vast world of Web3. With her insight into emerging technologies, she provides in-depth coverage to keep readers informed about the fast-paced developments in digital finance. USDT Cryptocurrencylistings.com Launches CandyDrop to Make Crypto More Accessible and Boost Engagement with Quality Projects.
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