Summary:
WazirX reverses all trades after a cyberattack that led to a $230 million loss.
The decision affects trades made after July 18, 2024, 1 PM IST.
Users are concerned and demanding the return of their funds.
CEO of CoinDCX, Sumit Gupta, urges WazirX to prioritize customer interests.
Indian cryptocurrency exchange WazirX has made a significant decision to reverse all trades made after the halt of withdrawals due to a recent cyberattack. This move comes as the exchange aims to restore user trust following the incident that compromised one of its multisig wallets, resulting in a staggering $230 million loss.
WazirX to Reverse Trades Following Withdrawal Suspension
On Thursday, WazirX announced that they would be reversing trades conducted after the withdrawal freeze initiated on July 18, 2024, at 1 PM IST. In a statement shared on the social media platform X, WazirX explained:
"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."
The backlash from users on social media has been palpable, with many expressing concerns over the lack of updates regarding the situation. Notably, Sumit Gupta, CEO of CoinDCX, has urged WazirX to prioritize customer interests instead of socializing the losses.
Many users, fearing for their hard-earned money, are demanding the return of their assets, while WazirX reassured that:
"All users will have their portfolio balances restored to what they were on July 18, 2024, 1 PM IST. This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades."
The exchange emphasized that this step is crucial to maintain the platform's integrity and ensure a fair outcome for everyone affected by the breach.
What are your thoughts on WazirX’s response to this cyberattack? Share your views in the comments below.
Comments