As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself both intrigued and dismayed by the recent turn of events at WazirX. After the monumental hack that left investors reeling, the restoration of account access is indeed a welcome step, but the lack of clarity regarding the withdrawal of funds continues to cast a shadow over this once-promising exchange.
Approximately four weeks have passed since the significant hacking incident on WazirX exchange, leading to approximately Rs 2000 crore in investor losses. Now, the exchange has reactivated the accounts of investors; yet, there’s no clear timeline as to when they will permit the withdrawal of funds.
More recently, WazirX announced that they’ve successfully finished the maintenance work initiated at 2 am on August 16, which had temporarily halted all operations on their platform. They also verified that all trades executed following the halt on withdrawals at 1 PM IST on July 18 (the day of the hacking incident) have been reversed.
After maintenance, users can now clearly view their funds, following a prolonged wait of about a month. Regrettably, the withdrawal feature for funds remains unavailable for the multitude of WazirX investors at this time.
Despite the recent advancements, agitated investors continue to express dissatisfaction, urging an immediate return of their investments. The initial proposal by WazirX for a 55/45 loss-sharing model triggered significant backlash among investors.
good and thanks for update.
Now when you are going to enable INR withdrawal ?— Alok 🦁 (@alok9811) August 16, 2024
On July 18th, WazirX suffered a large-scale hack on one of its multi-signature wallets holding approximately 45% (or around $230 Million) of the total investor funds. This leaves the exchange with only about 55% of the customer’s funds, and they are grappling with finding a solution to return all the stolen investments. At present, WazirX has not disclosed specific details on how much each investor may have lost or in what proportions.
Why WazirX can freeze your account and withhold your money?
As an analyst, I previously noted that the User Agreement Policy of WazirX exchange, specifically sub-clause 10.2, grants them the power to terminate or suspend user accounts indefinitely and refuse to process deposits or withdrawals without any advance warning.
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2024-08-16 09:59