WazirX Restores Balances After Cyber Attack, Withdrawal Timeline Still Pending

In an exciting development, India's exchange WazirX announced that it reversed transactions of customers affected by the cyber heist in July. Recall that WazirX was the target of a cyber fraud, which saw customers lose over $200 million in crypto assets.

Consequently, the trading platform has initiated several steps to mitigate the impacts, especially restoring customers' funds. The recent development implies that the exchange has attained a significant feat in the recovery process, underscoring a commendable achievement.

WazirX Restores Balances

In a recent tweet dated August 16, 2024, WazirX announced the reversal of all initiated transactions on the exchange after the cessation of withdrawal on July 18, 2024. Relaying the news to users, WazirX wrote, “Account balances have been restored, and all trades made on the WazirX platform after the withdrawal stoppage at 1 PM IST on July 18, 2024, have been undone."

At the time of writing, the post on X has accumulated over 55K views, underscoring users’ interest in the scam outcome. Meanwhile, before the new update, WazirX had previously disclosed compulsory maintenance that would precede balance recoveries.

According to the statement on August 15, 2024, the maintenance will run between 6 PM on August 15 and 2 AM IST on August 16. In addition, the exchange noted that during maintenance, users will not access the exchange for transacting.

Withdrawal Date Remains Unknown as Users React

While the balance restoration plans could be deemed considerable progress, WazirX users are still unsatisfied, as evidenced by their reactions. The dissatisfactions stemmed mainly from the withdrawal date, which has remained unknown despite concentrated efforts to recover balances.

Writing on X, an affected user lamented, "I think they are using our funds to trade on other exchanges. With this, they can easily earn 2-3x the amount as they know insider news. They are trying to recover with our funds." Another user remarked, “Please enable crypto and INR withdrawal at the earliest. Many people like me are going through medical and other emergencies. Please have empathy.”

The statements above, and several other comments under WazirX’s post, underscored affected users' perception about the exchanges' moves. Judging by their reactions, it becomes apparent that the scam victims are more concerned about when and how to withdraw their funds.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

Subscribe to our Newsletter

Join our community and stay up-to-date with the latest news, updates, and exclusive offers by subscribing to our newsletter. Enter your email address below to receive our monthly newsletter directly to your inbox.

pop up image

Experience the Best of Online Payment with Crypto

UPay offers mainstream-friendly access to crypto. Easily buy, swap, make payouts, and manage funds using our crypto card. No cross-border fees.