Breaking: WazirX To Restore Wallet Balances And Trades Amid Fraud Petitions

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As a seasoned crypto investor with a decade of digital asset trading under my belt, I must say I’ve seen my fair share of ups and downs in this wild world of cryptocurrencies. The recent turn of events at WazirX has left me both intrigued and skeptical.

Struggling cryptocurrency platform WazirX announced on Thursday that it will reinstate user wallet balances and annul all transactions made following the hack, as a response to customer discontent with their initial recovery plans and lawsuits directed towards the exchange and its management.

WazirX Plans To Reverse To Pre-Withdrawal Halt State

On WazirX, all customer wallet balances will be returned to their pre-withdrawal halt condition (on July 18, 2024 at 1 PM IST). Additionally, the exchange announced that any trades executed post the security incident will be nullified on August 8.

After thoroughly reviewing the circumstances and receiving input from many users, the platform has decided to act upon their concerns. In the near future, the company intends to restart its services such as withdrawals and trading, all while aiming to enhance user experiences.

Nischal Shetty, co-founder of WazirX, shared that they are attentively taking into account all the customer feedback and addressing each issue methodically.

The crypto exchange also assured it would preserve its reliability and ensure a satisfactory resolution for its users in response to the cyberattack on WazirX on July 18, 2024. Any affected components such as fees, referrals, deposits, TDS, etc., will be reverted back to their previous status. Users who were impacted will receive an email notification along with a summary of the impacted trades.

On the other hand, neither the cryptocurrency platform nor its officials have disclosed any additional steps they’ve taken to retrieve the stolen assets or provided a timeline for returning the funds to affected users.

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2024-08-08 14:20