After a tumultuous few days following a $230 million cyberattack on July 18, WazirX has made the decision to restore user balances and reverse trades conducted between July 18 and July 21. This move comes after the platform was disrupted, leading to a suspension of withdrawals to protect user assets. The restoration process is aimed at ensuring fairness and equitable treatment for all users affected by the incident.
In order to maintain the integrity of the platform and provide a fair outcome for users, WazirX will be reversing all trades conducted within the specified period. Account balances will be reverted to their state as of July 18, at 1 P.M. IST. Users impacted by the cyberattack will receive email notifications detailing the trades that have been affected by the restoration process. Any fees or referrals associated with the nullified trades will also be reversed to ensure that users are not unfairly penalized.
For users who deposited fiat or crypto during the affected period, WazirX has assured that their transactions will be addressed in a future update. It is important to note that trading and withdrawals on the platform will remain halted during the restoration process to prevent any further disruptions. Tax implications, such as Tax Deducted at Source (TDS) related to the impacted trades, will be credited back to the users to alleviate any financial burdens caused by the cyberattack.
Throughout this challenging time, WazirX has emphasized the importance of user feedback, patience, and support. The platform is actively listening to user concerns and taking steps to address any issues that may arise as a result of the cyberattack. Users are encouraged to remain patient as WazirX works towards resuming normal platform operations and ensuring the safety and security of user assets.