As a seasoned researcher with years of experience under my belt, I must say that WazirX’s decision to restore user account balances and reverse trades following the cyberattack is commendable. It shows their commitment to upholding user interests and maintaining platform integrity. However, the impact on users seems substantial, particularly concerning deposits, fees, referrals, and trading activities during the affected period.
WazirX is making strides to rectify the issues stemming from a cyber incident that occurred on July 18, 2024. In a recent statement, they shared their intention to reinstate all user account balances and undo trades conducted post-1 PM IST during that day.
In a communication sent through email and posted on our platform, we’ve shared our plan to address the repercussions of the cyberattack and maintain fairness for all accounts. This process will take place over the coming days, and users will be updated regularly about any impacted trades they may have.
Why the Restoration?
On July 18, a significant disruption occurred in trading operations due to a cyberattack. In order to safeguard users’ interests and maintain the platform’s credibility, WazirX took the step of reversing all trades executed after 1 PM (Indian Standard Time) on that day.
Impact on Users
Here’s what users need to know about how this restoration will affect them:
As a researcher, I’m here to inform you about the restoration of your portfolios. By 1 PM IST on July 18, all portfolios will be reverted to their previous states. This means that any trades and transactions involving cryptocurrencies or INR made after this time will be undone.
Charges and Commission Refunds or Bonuses: During this timeframe, any fees and commission refunds earned from completed trades will be returned. Additionally, any tax deductions (TDS) associated with the impacted trades will be reimbursed.
As an analyst, I would like to inform you that any deposits or trades executed by users from July 18th to 21st, 2024, will temporarily be reversed. Please note that these activities will be recognized and resolved in subsequent updates.
What to Expect
Affected account holders will be notified via email about the trades that are being influenced by this decision. The recovery process will cancel any pending transactions and return all portfolios to their state at the designated time. During the recovery, both trading and withdrawal operations will temporarily be put on hold.
As a researcher investigating the current situation at WazirX, I can share that users have outlined seven crucial requirements aimed at reestablishing trust within the platform. They are urgently requesting the resumption of withdrawals, an assurance that no user funds (excluding those stolen) will be affected, a guarantee against bankruptcy, the implementation of pre-hack account balances, removal of any censorship measures, reinstatement of trading for cryptocurrencies unaffected by this incident, and regular updates on the recovery progress. Regrettably, several of these demands have yet to be addressed, as WazirX has not disclosed specific timelines for resuming withdrawals or when trading will recommence.
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2024-08-08 13:56