WazirX, a popular cryptocurrency exchange, has made a significant decision in the aftermath of a $230 million cyberattack that disrupted its platform operations. The exchange has announced the restoration of user balances and the reversal of trades conducted between July 18 and July 21. This move comes following feedback from affected users and is aimed at ensuring fair treatment for all parties involved.
The cyberattack on WazirX on July 18 led to the suspension of withdrawals and created an abnormality in the platform’s operations. In response to this incident, WazirX has taken the step to restore all account balances to their state as of July 18, at 1 P.M. IST. The restoration process will occur over the coming days, with affected users receiving email notifications detailing the trades that have been impacted.
By reversing all trades conducted during the specified period, WazirX aims to protect the integrity of its platform and provide a fair outcome for users. Any fees or referrals associated with these trades will also be reversed. Additionally, users who deposited fiat or cryptocurrency during this period will have their transactions addressed in a future update.
During the restoration process, trading and withdrawals on the WazirX platform will remain suspended. This measure is necessary to ensure that the restoration is carried out accurately and effectively. Furthermore, any tax implications, such as Tax Deducted at Source (TDS) related to the affected trades, will be credited back to the users.
Throughout this challenging period, WazirX has emphasized the importance of user feedback and support. The exchange is actively listening to user concerns and taking steps to address them. WazirX has requested patience and understanding from its user base as it works towards resuming normal platform operations.
WazirX’s decision to restore user balances following the cyberattack demonstrates its commitment to transparency and fairness. By taking this action, the exchange is striving to protect its users and uphold the integrity of its platform. With ongoing communication and support, WazirX aims to rebuild trust and confidence among its user community.
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