WazirX has stated that they intend to hold onto all the cryptocurrencies stored on their platform following the significant cyberattack worth approximately 2,000 crore rupees in cryptocurrency, until they can initiate the distribution of funds impacted by the breach.
Even though these funds aren’t connected to the hack, the exchange’s administration is linking their distribution to a larger reorganization strategy, causing uncertainty among users about when and how much of their funds they might recover.
Due to an unrelated incident, many users are unable to retrieve their digital assets from deposit. This predicament has sparked frustration within the user base, yet the WazirX leadership under Niscahal persists in avoiding addressing this matter.
After a hack, the platform assures users that their funds will be restored in the original token types, to the maximum extent feasible. However, this restoration won’t occur until the “Effective Restoration Date” has passed.
It’s unclear when users can expect their funds back from WazirX, as there’s been no definite timeline or guarantee given about the recovery procedure. Users are criticizing the platform for not delivering clear, helpful information, which is adding to their worries.
If WazirX’s restructuring plan isn’t accepted by the court or creditors, the funds involved will stay frozen for an indeterminate period.
The reason for this is that the exchange intends to tackle other financial matters first before making these frozen funds available. This requirement has sparked criticism, as users have expressed concerns about unclear communication and a seemingly inadequate solution strategy from the exchange.
As a crypto investor, I’ve been left seething due to this predicament, as I and many others like me are clamoring for a transparent solution and swift access to our hard-earned digital assets.
In December, users of the platform WazirX experienced more than Rs 50 crore in losses when the value of their exchange’s token, WRX, dropped dramatically by 90%, following its removal from Binance.
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2025-01-08 18:28