The situation regarding the disastrous security breach at WazirX of last month is slowly putting behind us as the exchange is now gradually re-establishing the balances of the user accounts without any discrimination. The balances will be brought back to their levels when the security breach took place, according to a new update.
Decision Made After User Feedback
On Thursday, Wazir X claimed that they will refund the balances after a thoughtful analysis of the many user feedbacks at the last event.
“We are very sorry but we have no other choice but to restore all the balances of all the accounts and undo all the trades done on the WazirX platform which were made after the stoppage of withdrawals on 18th July 2024, 6 PM UTC. This is an official statement”, states the post.
Cyberattack Drains $234 Million
WazirX, one of India’s top cryptocurrency exchanges, suffered a serious cyber-attacks on 18 July which revealed a looting of $234 million in client monies. This came after the security breach, where withdrawals were suspended by the exchange.
Nonetheless, the exchange does not allow for the removal of funds and trading of assets.
Restoration Timeline
The company also said that the “few days” will allow the restoration process to be completed as applicable users will be notified through the email system.
Ensuring Platform Integrity
Wazir X is remaining faithful to the vow to replace the near-breach averted platform’s non-escalation to an issued credential and provoking of a better policy change followed by satisfying its users further than it did. Such is the promise of the current recovery arrangement.
WazirX Addresses Several FAQs
Several customer questions were addressed in the notice. The tax deducted at service (TDS) associated with the affected trades will be credited back to users by WazirX.
“Fees and referrals that were generated from the affected trades will also be reversed”, it commented. On the other hand, all pending transactions will be rejected, and the portfolio will be set back to what it was like on July 18.
Crypto-to-INR and Crypto-to-Crypto Transactions
Trades will be reversed, whereas the crypto-to-INR or crypto-to-crypto transactions will be, so-called, ‘undone.’
Hacker Converts Stolen Funds to Ether
It is reported that the WazirX hacker converted most of the stolen funds into Ether (ETH) in the wake of the heist. The assets of the hacker were traded for 43,800 ETH, which was approximately $149.46 million at the time.
