WazirX has taken a significant step to address the disruptions caused by a cyberattack on July 18, 2024. In a recent announcement, the platform revealed plans to restore all user account balances and reverse trades executed after 1 PM IST on 18 July 2024.
The decision announced to users via email and on their platform aims to rectify the impact of the cyberattack and ensure fairness across all accounts. The restoration process will unfold over the next few days, with users receiving notifications about the specifics of affected trades.
Why the Restoration?
The cyberattack on July 18 caused substantial abnormalities in trading activities. To protect user interests and uphold the platform’s integrity, WazirX decided to reverse all trades made after 1 PM IST on that day.
Here’s what users need to know about how this restoration will affect them:
Portfolio Balances: All user portfolios will be restored to their state as of 1 PM IST on July 18. This includes reversing any trades and transactions involving cryptocurrencies or INR that took place after this time.
Fees and Referrals: Fees and referral bonuses from trades executed during this period will be reversed. The platform will also credit back any tax deductions (TDS) related to the affected trades.
Deposits and Withdrawals: Users who deposited funds or executed trades between July 18 and 21, 2024, will find these activities undone. Deposits made during this period will be acknowledged and addressed in future updates.
What to Expect?
Affected users will receive an email detailing the trades impacted by the decision. The restoration process will cancel all pending transactions and revert portfolios to their status as of the specified time. Trading and withdrawal functionalities will remain paused while the restoration is underway.
WazirX users have set out seven key demands to restore confidence in the platform. They seek the reopening of withdrawals, assurance of no loss on non-stolen funds, a commitment against bankruptcy, use of pre-hack account snapshots, removal of censorship, resumption of trading for unaffected cryptocurrencies, and regular updates on the recovery process. However, many demands remain unmet, as WazirX has yet to provide details on withdrawal timelines or when trading will resume.
