Connect with us

Hi, what are you looking for?

WazirX’s actions reflect its efforts to address the consequences of the security breach and restore confidence in its platform while navigating the complex aftermath of the attack.
WazirX’s actions reflect its efforts to address the consequences of the security breach and restore confidence in its platform while navigating the complex aftermath of the attack.

Business

WazirX to Reverse Trades After $235 Million Hack: A Plan to Restore User Balances

WazirX’s actions reflect its efforts to address the consequences of the security breach and restore confidence in its platform while navigating the complex aftermath of the attack.

In response to a major security breach, WazirX, one of India’s leading cryptocurrency exchanges, is set to reverse all trades executed after a withdrawal freeze imposed due to a $235 million hack in July 2024. The exchange announced on August 8 that it will restore all user portfolio balances to their state as of July 18, 2024.

Key Points:

  • Restoration of Balances: WazirX will undo trades made between July 18 and July 21, 2024, ensuring that all user accounts reflect their balances from July 18. This includes reversing any fees and referrals associated with these transactions.
  • Details of the Security Breach: This breach led to significant losses, including $100 million in Shiba Inu and $52 million in Ether.
  • Future Actions: The exchange has paused all withdrawals and is working on a plan to handle deposits made after the attack. WazirX co-founder Nischal Shetty has proposed two recovery options for affected users, though these have faced criticism.
  • Community Response: The decision to reverse trades aims to ensure fairness for users affected by the hack. Reactions to the exchange’s approach have been mixed, with some arguing that users should not bear the burden of the loss.

Advertisement

You May Also Like

Cryptocurrency

In this week's Crypto Chronicle, we explore Meta's new AI search engine that aims to reduce reliance on Google and Microsoft, Banco Bisa's custody...

Elections

In a triumphant return to the political stage, Donald J. Trump has been declared the winner of the presidential race, promising to usher in...

Business

Three days following its launch, Bitget Wallet Lite had amassed 6 million users on Telegram, demonstrating its quick success. This multichain wallet seeks to...

Business

After hackers took advantage of MetaWin's hot wallet feature, the online gambling platform suffered a $4 million loss in a recent incident. MetaWin has...

polkadot
Polkadot (DOT) $ 4.14 2.18%
bitcoin
Bitcoin (BTC) $ 75,887.33 1.80%
ethereum
Ethereum (ETH) $ 2,837.70 7.15%
cardano
Cardano (ADA) $ 0.389019 9.77%
xrp
XRP (XRP) $ 0.549594 3.18%
stellar
Stellar (XLM) $ 0.099382 3.36%
litecoin
Litecoin (LTC) $ 71.31 2.05%