Beleaguered crypto exchange WazirX on Thursday said it has decided to restore wallet balances and cancel all trades executed after the hack. The move comes after the customers expressed dissatisfaction with the earlier plans of the India-based crypto exchange and legal petitions filed against the company and its executives.
WazirX Plans To Reverse To Pre-Withdrawal Halt State
All customers will have their wallet balances on the WazirX platform restored to the state that they were before the stoppage of withdrawals on 18 July 2024 at 1 PM IST. Also, all trades carried out on the exchange following the hack will be canceled, reported the crypto exchange on August 8.
The exchange said the decision was taken after a detailed consideration of the situation and feedback from numerous users to address the concerns. The company plans to resume operations including withdrawals and trading in the upcoming days, while optimizing outcomes for users.
WazirX co-founder Nischal Shetty said “We’re actively listening to all the feedback received from our customers. Resolving the problem one step at a time.”
It also added that the crypto exchange will maintain its integrity and facilitate an appropriate outcome for its users following the impacts of the cyberattack on WazirX on July 18, 2024. Any aspects including fees, referrals, deposits, TDS, etc. impacted will be restored to the earlier state. Moreover, affected users will be notified through email along with a consolidated list of impacted trades.
However, the crypto exchange and executives have not revealed further actions taken to recover stolen funds and when impacted users will receive their funds.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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