In response to a $230 million cyberattack on July 18 that disrupted platform operations, WazirX has taken the decision to restore user balances to their state as of July 18, 1 P.M. IST. This move comes after the suspension of withdrawals and the reversal of trades conducted between July 18 and July 21. The restoration process will unfold gradually over the next few days, with affected users receiving email notifications outlining the impacted trades.
The decision to restore user balances aims to protect the platform’s integrity and ensure a fair outcome for all users affected by the cyberattack. All trades executed within the specified period will be invalidated, and any associated fees and referrals will be reversed. The halting of trading and withdrawals during the restoration process is crucial to maintain the accuracy of user account balances and prevent further disruptions.
WazirX has emphasized the importance of user feedback and support in the aftermath of the cyberattack. The platform is actively listening to user concerns and taking steps to address them effectively. Users who deposited fiat or crypto during the affected period will have their transactions reviewed and addressed in a future update. Additionally, any tax implications, such as Tax Deducted at Source (TDS), associated with the affected trades will be credited back to the users.
As WazirX works towards resuming normal platform operations, user patience and support are crucial. The platform acknowledges the inconvenience caused by the cyberattack and subsequent disruptions but assures users that their interests are a top priority. By prioritizing fairness and transparency in the restoration process, WazirX aims to restore trust and confidence among its user base.
The restoration of user balances by WazirX following the cyberattack demonstrates the platform’s commitment to safeguarding user funds and ensuring a fair outcome for all users. By actively addressing user concerns and taking steps to mitigate the impact of the cyberattack, WazirX is working towards rebuilding trust and maintaining the integrity of its platform. As the restoration process unfolds, user patience and support remain essential in successfully navigating through this challenging period.