In response to a $230 million cyberattack that disrupted its operations on July 18, WazirX has announced the restoration of user balances and the reversal of trades conducted between July 18 and July 21. This decision is an attempt to provide equitable treatment to all users affected by the incident.
Following feedback from affected users, WazirX has decided to restore all account balances to their state as of July 18, at 1 P.M. IST. The restoration process will take place over the next few days, with email notifications being sent to impacted users detailing the affected trades. This measure is aimed at safeguarding the platform’s integrity and ensuring a fair outcome for users in the aftermath of the cyberattack.
All trades conducted within the specified period will be nullified, and any associated fees and referrals will be reversed. Users who made deposits in fiat or crypto during this time will have their transactions addressed in a future update. While the restoration process is underway, trading and withdrawals on the platform will remain suspended.
WazirX has also stated that tax implications, such as Tax Deducted at Source (TDS) linked to the affected trades, will be credited back to the users. The restoration will impact INR and crypto balances, particularly those involved in trades after the designated time.
Throughout this process, WazirX emphasizes that they are actively listening to user feedback and taking steps to address concerns. They acknowledge the importance of user patience and support as they work towards resuming normal platform operations.
The restoration of user balances by WazirX marks a crucial step in the recovery process following the cyberattack. By nullifying trades conducted during the specified period and addressing tax implications, the platform aims to provide a fair outcome for all affected users. Through effective communication and transparency, WazirX underscores the significance of user support as they strive to return to normalcy.