- WazirX restored pre-hack wallet balances and canceled all trades executed after the July 18, 2024 cyberattack.
- WazirX's hack led to the theft of $235M in cryptocurrency, prompting user dissatisfaction and legal actions.
- WazirX plans to resume operations and is working on recovering stolen assets and addressing user concerns.
Leading bitcoin exchange WazirX announced on Thursday that following a major cyberattack it has canceled all transactions made and restored wallet balances.
Customers' general discontent and legal lawsuits against the company and its executives guide this choice. The action seeks to calm user doubts and regain platform credibility.
Customer Reversals Restored
Wallet balances will be restored to customers prior to the July 18, 2024, 1 PM IST withdrawal suspension. Besides, all of the trades made on the exchange after the hack have been canceled.
On August 8, WazirX made this announcement stating that the choice was taken after careful thought of the matter and comments from many users.
The company underlined its will to keep integrity and guarantee suitable results for its consumers. Every element affected by the hack including fees, referrals, deposits and TDS will be restored to their former state.
Affected users will be informed via email together with a consolidated list of affected trades. WazirX has not yet disclosed any additional steps taken to retrieve pilfered money or the schedule for affected users to get their money.
Security and Legal Measures
On July 18, WazirX suffered a cyberattack on its multisig crypto wallet, which resulted in the theft of $235 million in cryptocurrencies including 5.4 trillion Shiba Inu tokens. Users complained about the first attempts at recovery made by the exchange and the other choices taken into account to distribute the impact.
Legal actions resulting from this discontent included a petition directed against Zanmai Labs Private Limited, its infrastructure partner Liminal, and other related companies housed under the National Company Law Tribunal (NCLT).
Earlier this week, the exchange reported that the Special Cell through Intelligence Fusion & Strategic Operations (IFSO) of Delhi Police registered a FIR under the BNS & IT Act on August 5.
Users of WazirX have been advised that the company is aggressively trying to retrieve all pilfers and expose the hackers to justice. Notwithstanding these initiatives, some users are getting ready to launch a Public Interest Litigation (PIL) against the exchange and co-founder Nischal Shetty in the High Court in New Delhi.
Shetty stated, "We are attentively listening to every comment our consumers provide. One step at a time, solving the problem. While optimizing results for consumers, the company intends to restart activities including withdrawals and trading in the next few days”.
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