Indian crypto exchange WazirX announces plans to reverse all trades that occurred after a $230 million hack-related withdrawal freeze in July 2024.
Points
- WazirX plans to reverse all trades following the July 18 withdrawal freeze.
- The hack resulted in the unauthorized transfer of over $230 million in crypto assets.
- The decision aims to protect the platform’s integrity and ensure equitable outcomes for users.
- Portfolio balances will be restored to their state as of July 18, 2024.
- The move follows backlash against WazirX’s initial socialized loss strategy.
Indian cryptocurrency exchange WazirX has announced plans to reverse all trades that occurred following its withdrawal freeze on July 18, 2024. This decision comes after a significant hack resulted in the unauthorized transfer of over $230 million in crypto assets from the exchange’s multisig wallet on Ethereum.
According to WazirX, all users will have their portfolio balances restored to what they were on July 18, 2024, 1 p.m. IST. The reversal will be conducted over the next few days, aiming to protect the integrity of the platform and ensure an equitable outcome for all users affected by the cyberattack.
The decision to reverse trades follows backlash against WazirX’s initial socialized loss strategy, which proposed making customers absorb 45% of the losses. This strategy received significant criticism from the community, prompting WazirX to explore more equitable solutions.
On July 18, WazirX suffered a wallet exploit that resulted in the transfer of over $230 million in crypto assets. Blockchain analytics firm Elliptic suggested that hackers affiliated with North Korea were likely responsible for the attack. WazirX halted trading shortly after the exploit.
In the wake of the hack, WazirX has emphasized its commitment to protecting user assets and restoring confidence in the platform. By undoing all trades and restoring portfolio balances, WazirX aims to mitigate the impact of the cyberattack and maintain trust among its user base.
解説
- WazirX’s decision to reverse trades following the $230 million hack demonstrates its commitment to user protection and platform integrity.
- Restoring portfolio balances to their pre-hack state ensures equitable outcomes for affected users.
- The move highlights the importance of robust security measures and transparent communication in maintaining trust in cryptocurrency exchanges.
- WazirX’s response to the hack underscores the challenges and responsibilities of managing a large-scale crypto exchange in a volatile market.