WazirX, a popular cryptocurrency exchange, recently faced a major setback when it was hit by a $230 million cyberattack on July 18. This attack resulted in the suspension of withdrawals and caused disruptions to the platform’s operations. In response to this incident, WazirX has made the decision to restore user balances and reverse trades conducted between July 18 and July 21.
Following feedback from affected users, WazirX has announced that all account balances will be restored to their state as of July 18, at 1 P.M. IST. The restoration process is expected to take place over the next few days, and users will receive email notifications detailing the impacted trades. This measure is aimed at ensuring equitable treatment for all users who were affected by the cyberattack and protecting the integrity of the platform.
As part of the restoration process, all trades executed within the specified period will be rendered ineffective, and any associated fees and referrals will be reversed. Users who deposited fiat or crypto assets during this time will have their transactions addressed in a future update. Additionally, tax implications, such as Tax Deducted at Source (TDS), associated with the affected trades will be credited back to the users. The restoration will impact both INR and crypto balances, depending on the trades involving these currencies post the specified time.
During the restoration period, trading and withdrawals on the WazirX platform will remain halted. The exchange has assured users that they are actively listening to feedback and are taking steps to address any concerns raised by the community. WazirX underscores the importance of user patience and support as they work towards resuming normal platform operations.
WazirX’s decision to restore user balances and reverse trades following the cyberattack is a testament to the platform’s commitment to ensuring fair treatment for all users. By taking proactive measures to address the incident and communicate transparently with its user base, WazirX is working towards maintaining trust and integrity within its community.
