The Indian crypto exchange WazirX, which fell victim to a significant security breach last month, is gradually restoring user account balances. On Thursday, WazirX announced that it decided to do this carefully, considering extensive user feedback.
We are committed to restoring all account balances and reversing all trades conducted on the WazirX platform since the suspension of withdrawals on July. 18, 2024, at 1 PM IST.
WazirX updates on cyberattack impact and restoration plan
WazirX experienced a severe cyberattack on July 18 that drained $234M from customer funds. Shortly after the breach, the exchange temporarily suspended withdrawals. However, according to the recent update, the exchange has yet to resume fund withdrawals and asset trading.
It will be restored in the next few days. Affected users will receive an email notifying them of any impacted trades. The exchange addressed the breach seriously and designed the restoration plan to protect the platform’s integrity and ensure a fair outcome for users.
The notice addressed several customer questions. WazirX mentioned that it will refund the tax deducted at source (TDS) related to the affected trades to users. However, the system will cancel all pending transactions and restore the portfolio to its state.
Further, the restoration will cover all trades, and any crypto-to-INR or crypto-to-crypto transactions will be “undone.” After the heist, the WazirX hacker reportedly converted most stolen funds into Ethereum (ETH). Reports indicated the hacker exchanged the stolen assets for 43,800 ETH, worth about $149.46M.
