WazirX has recently announced that they will be restoring user balances and undoing trades that were affected by a hack that took place between July 18 and July 21. This decision comes in response to a $230 million attack that caused disruptions to the platform and led to the suspension of withdrawals. The restoration process will take place over the next few days, with affected users being notified via email about the impacted trades.
Following feedback from users, WazirX has decided to revert all account balances back to their state as of July 18 at 1 P.M. IST. This means that any trades conducted during the specified period will be nullified, and associated fees and referrals will be reversed. Users who made deposits in fiat or cryptocurrency during this time will have their transactions addressed in a future update. Trading and withdrawals on the platform will remain suspended during the restoration process.
Additionally, any tax implications, such as Tax Deducted at Source (TDS), related to the affected trades will be credited back to the users. The restoration will impact both INR and cryptocurrency balances, depending on the trades that were executed after the specified time. WazirX has emphasized that they are committed to addressing user concerns and ensuring a fair outcome for all users affected by the cyberattack.
In a statement posted on X (formerly Twitter), the official WazirX account mentioned, “This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack which occurred on 18 July 2024.”
As the platform works towards resuming normal operations, they have asked for user patience and support. It is crucial for users to stay updated on the restoration process and follow any instructions provided by WazirX. The platform is actively monitoring feedback and taking steps to ensure a smooth transition back to regular trading activities.
Overall, WazirX’s decision to restore balances and undo affected trades demonstrates their commitment to transparency and fairness in the face of cybersecurity challenges. Users can expect to see their account balances reverted to the pre-hack state, with all trades conducted during the specified period being reversed. By keeping users informed and addressing concerns promptly, WazirX aims to rebuild trust and confidence among its user base.