Indian cryptocurrency exchange WazirX has announced that it will undo all trades made on its platform between July 18 and July 21, 2024. This decision comes in response to a major security breach that occurred on July 18, causing significant disruptions and concerns among users.
WazirX stated that all user portfolios will be restored to their status as of July 18, 2024, at 1 PM IST, the time when the platform halted withdrawals due to the breach. The decision to reverse trades was made to ensure that all users are treated fairly after the abnormal activities resulting from the cyberattack.
How will this affect users? For users who traded or deposited funds between July 18 and July 21, all these transactions will be undone. This means:
Portfolio restoration: Your portfolio will be returned to what it was on July 18, 2024, at 1 PM IST. Fees and Referrals Reversed: Any fees or referral earnings from trades during this period will also be reversed. Deposits considered: Any funds deposited during this time will be accounted for in a future update.
Next steps for users The restoration process will take place over the next few days. Affected users will receive an email with details of the reversed trades, which they can verify on the WazirX platform. During this process, trading and withdrawals on WazirX have been paused.
Why this decision was made WazirX emphasised that this was not an easy decision but was necessary to protect the integrity of the platform and provide an equitable solution for all users affected by the cyberattack.
Impact on transactions and balances Ongoing Transactions: All ongoing or pending transactions will be canceled. INR and Crypto Balances: Any changes to INR or crypto balances from trades made after July 18, 2024, will be undone. Your balances will revert to what they were before the breach.Looking ahead WazirX is actively listening to user feedback and working to resume normal operations as soon as possible. The company will continue to update users with any new information as they work through the restoration process.