Indian cryptocurrency exchange WazirX plans to restore user account balances and reverse trades following a $235 million hack in July 2024, ensuring fairness and protecting user interests.
Points
- WazirX to restore account balances and reverse trades after the July 2024 hack.
- $235 million hack caused significant trading disruptions.
- Affected users will receive email notifications detailing the impacted trades.
- The platform aims to ensure fairness and protect user interests.
- Restoration process includes reversing fees and referrals from affected trades.
The Indian cryptocurrency exchange WazirX has announced plans to restore all user account balances and reverse trades executed after 1 PM IST on July 18, 2024, following a $235 million hack. This decision aims to rectify the impact of the cyberattack and ensure fairness across all accounts.
Why the Restoration?
The cyberattack on July 18 caused significant abnormalities in trading activities on WazirX. To protect user interests and uphold the platform’s integrity, WazirX decided to reverse all trades made after 1 PM IST on that day. The platform will restore all user portfolios to their state as of 1 PM IST on July 18, including reversing any trades and transactions involving cryptocurrencies or INR that took place after this time.
Portfolio Balances and Trade Reversals
All affected user portfolios will be restored, and fees and referral bonuses from trades executed during this period will be reversed. The platform will also credit back any tax deductions （TDS） related to the affected trades. Users who deposited funds or executed trades between July 18 and 21, 2024, will find these activities undone. Deposits made during this period will be acknowledged and addressed in future updates.
What to Expect
Affected users will receive email notifications detailing the trades impacted by the decision. The restoration process will cancel all pending transactions and revert portfolios to their status as of the specified time. Trading and withdrawal functionalities will remain paused while the restoration is underway.
Conclusion
WazirX’s decision to restore account balances and reverse trades following the $235 million hack demonstrates the platform’s commitment to ensuring fairness and protecting user interests. The comprehensive restoration process underscores the importance of maintaining trust and integrity in the cryptocurrency market.
解説
- Hack Impact: The $235 million hack caused significant trading disruptions on WazirX.
- User Protection: The restoration process aims to protect user interests and ensure fairness.
- Comprehensive Measures: Reversing trades, fees, and referrals highlights WazirX’s commitment to maintaining platform integrity.
- Future Updates: Users can expect future updates addressing deposits made during the affected period.
- Market Trust: Maintaining trust and integrity is crucial for the long-term success of cryptocurrency exchanges.