In response to a $230 million cyberattack that disrupted operations on July 18, cryptocurrency exchange WazirX has announced the restoration of user balances and the reversal of trades conducted between July 18 and July 21. This decision comes after the platform suspended withdrawals and aims to ensure fair treatment for all users affected by the incident.
Following feedback from users, WazirX has decided to revert all account balances to their state as of July 18, at 1 P.M. IST. The restoration process will take place over the next few days, with affected users receiving email notifications detailing the impacted trades. The goal of this decision is to uphold the platform’s integrity and provide a just outcome for users in light of the abnormality caused by the cyberattack.
Implications for Trades and Transactions
All trades conducted within the specified period will be nullified, and any associated fees and referrals will be reversed. Users who deposited fiat or cryptocurrency during this time will have their transactions addressed in a future update. While the restoration is underway, trading and withdrawals on the platform will remain suspended. Additionally, tax implications, such as Tax Deducted at Source (TDS) related to the affected trades, will be credited back to users.
WazirX has assured users that they are actively listening to feedback and taking steps to address concerns. The exchange emphasizes the importance of user patience and support as they work towards resuming normal platform operations. It is crucial for users to stay informed about the restoration process and to follow any instructions provided by WazirX to ensure a smooth transition back to regular trading and withdrawal activities.
The restoration of user balances by WazirX following the cyberattack demonstrates the platform’s commitment to transparency and fairness. By reverting account balances to their pre-attack state and nullifying trades conducted during the affected period, WazirX aims to uphold its integrity and provide a just outcome for users. As the platform continues to address user feedback and concerns, it is essential for users to remain patient and supportive during this challenging time.
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