WazirX cancels open orders to 'resolve issue surrounding INR and crypto balances'

Indian exchange WazirX canceled all open orders yesterday and returned any INR and crypto assets reserved for said trades to users' balances.

According to a brief statement on social media platform X, the exchange claimed the move is part of "ongoing efforts to resolve the issue surrounding INR and crypto balances on the platform."

The beleaguered exchange halted all trading on its platform last month after experiencing a $230 million exploit on July 18. Subsequently, the exchange pitched a recovery program—or "socialized loss strategy"—that received significant backlash on social media.

Some evidence at the time suggested that North Korea's infamous Lazarus Group was behind the exploit. Crypto assets rarely recover from such attacks.

Earlier this month, WazirX announced plans to undo all trades that occurred following the withdrawal freeze it implemented on July 18 in response to the attack.

"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," the exchange said at the time.

Most recently, Google subsidiary Mandiant reportedly confirmed that WazirX laptops were not compromised in the cyberattack.