Indian crypto exchange WazirX canceled all open orders yesterday and returned the INR and crypto assets from those trades to users’ balances. In a short update on X, the exchange mentioned that this move is part of its continued efforts to resolve its platform’s INR and crypto balance issues.
Last month, the troubled exchange stopped all trading on its platform after a $230 million exploit in July. 18. Eventually, the exchange offered a recovery plan, known as ‘socialized loss strategy,’ which faced heavy criticism on social media. The WazirX team expects the decision to rebuild customer trust, as many have been anxiously awaiting updates since the hack.
At the time, there were indications that North Korea’s notorious Lazarus Group was behind the attack. Crypto assets rarely recover from such attacks. Earlier this month, WazirX announced plans to reverse all trades made after the withdrawal freeze it imposed on July. 18 in response to the attack.
WazirX announced that it carefully considered this decision to maintain the platform’s probity and guarantee a fair solution for users affected by the cyberattack. Recently, Mandiant, a subsidiary of Google, reportedly confirmed that the cyberattack didn’t compromise WazirX laptops.
India trains authorities on crypto forensics
Last year, India announced that it provided cryptocurrency forensics and investigation training to officials from various cybercrime and police departments during the 2022–2023 financial year. This training aims to equip law enforcement with the expertise required to address crimes involving cryptocurrency.
Under the NCB, 141 officers were trained in darknet investigations, cryptocurrencies, and digital footprint analysis, including intelligence gathering from open sources and social media. This initiative follows a TRM Labs survey revealing that 99% of law enforcement personnel need further cryptocurrency training.
