WazirX recently made headlines with the announcement of the full restoration of user balances and the reversal of trades conducted between July 18 and July 21. This decision comes in the aftermath of a $230 million attack that shook the platform on July 18, resulting in the suspension of withdrawals to prevent further damage. In an effort to ensure fairness and equality among all affected users, WazirX has chosen to revert all account balances to their previous state as of July 18, at 1 P.M. IST.
The restoration process will be rolled out gradually over the next few days, with impacted users receiving email notifications detailing the trades that have been affected. This proactive step is aimed at safeguarding the platform’s integrity and providing a just outcome for users who were caught up in the chaos caused by the cyberattack. All trades conducted during the specified period will be nullified, and any fees or referrals associated with them will be reversed to restore the affected accounts to their original state.
Users who made deposits in fiat currency or cryptocurrency during the affected period will have their transactions addressed in a forthcoming update from WazirX. While the restoration process is underway, trading activities and withdrawals on the platform will remain paused to prevent any further complications. Additionally, tax implications such as Tax Deducted at Source (TDS) linked to the impacted trades will be refunded to the users to rectify any financial discrepancies.
WazirX has reassured its user base that they are actively engaging with feedback and concerns raised by the community. By emphasizing the significance of user patience and support during this challenging time, WazirX aims to instill confidence in its users as they strive to return to normalcy in platform operations. The restoration efforts will primarily impact the INR and cryptocurrency balances on the platform, acknowledging the trades involving these currencies that occurred post the specified timestamp.
The WazirX balance restoration update signifies a pivotal moment for the platform as it navigates through the aftermath of a cyberattack. By prioritizing user equity and transparency, WazirX is setting a commendable example in the crypto industry for accountability and proactive measures to address unforeseen circumstances. As users await the completion of the restoration process and the resumption of trading activities, the collaborative efforts between WazirX and its community are crucial in rebuilding trust and sustaining the platform’s long-term credibility.
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