WazirX to undo all trades following $230 million hack-related withdrawal freeze
Quick Take
- WazirX announced plans to undo all trades following its withdrawal freeze on July 18.
- The withdrawal freeze followed a high-profile attack against the Indian crypto exchange that resulted in the loss of over $230 million.
Indian crypto exchange WazirX announced plans to undo all trades that occurred following its withdrawal freeze on July 18.
"All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July, 2024, 1 p.m. IST," the exchange wrote. The action will be conducted "over the next few days."
"This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack which occurred on 18 July, 2024," it added.
On that date, WazirX suffered a wallet exploit that resulted in the unauthorized transfer of over $230 million in crypto assets. The attack targeted the exchange's multisig wallet on Ethereum. Blockchain analytics firm Elliptic said, at the time, that hackers affiliated with North Korea likely conducted the attack. WazirX halted trading shortly after.
On July 27, WaxirX announced a "socialized loss strategy" through a social media poll but received significant backlash. “Making customers directly absorb the 45% losses is utter nonsense," CoinDCX co-founder Sumit Gupta wrote at the time, adding: "The poll options are also framed in a manner to protect the business first and not the customers."
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