It is no longer news that WazirX was a victim of one of the crypto hacks in July. Notably, the cyber thrives carted a significant volume of digital assets, culminating in over $200 million in losses for the exchange. Consequently, the trading platform has initiated several plans to recover the lost assets. However, no progress has emerged since, compounding investors' predicament.
Customers' Interests Identified as a Priority
Nevertheless, WazirX maintained that it has the interest of users in mind. Hence, it has introduced several plans to mitigate investors' losses. Among plans to cushion the impacts of the cyber theft, the trading platform revealed plans to initiate socializing the loss. For context, socializing losses entailed making only 55% of crypto assets available to investors. The remaining 45% will serve as USDT equivalent.
However, the initiative did not go down well among most users. They protested vehemently against such, which resulted in trading platforms seeking other alternatives. Consequently, a new option has emerged, which this article will dwell on.
WazirX Unviels Latest Plan
In a new tweet making rounds, WazirX has disclosed that it intends to restore the balances of all affected accounts. Additionally, it will reverse all transactions on the exchange following the withdrawal's cessation on July 18, 2024.
Communicating users on X, the platform stated, “After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo all trades carried out on the WazirX platform following the stoppage of withdrawals on July 18, 2024, 1 PM IST."
Interestingly, WazirX confirmed that the new update implies that users' balances will return to their previous valuations before the crypto hack. The trading platform specified that the account restorations would occur in the next few days. Additionally, affected customers will receive emails informing them of affected trades.
WazirX appreciated customers for their unending support amid uncertainties. "This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack, which occurred on July 18, 2024,” WazirX reiterated.
📢 Important Update:
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 8, 2024
We are actively listening to your feedback and taking decisive action to address your concerns! After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo… pic.twitter.com/Bmp6GqvPfr