WazirX plans to restore user account balances and reverse trades following a $230 million cyberattack in July 2024, ensuring fairness and protecting user interests.
Points
- WazirX to restore account balances and reverse trades after the July 2024 hack.
- $230 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
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WazirX has taken a significant step to address the disruptions caused by a $230 million cyberattack on July 18, 2024. In a recent announcement, the platform revealed plans to restore all user account balances and reverse trades executed after 1 PM IST on that day.
Why the Restoration?
The cyberattack caused substantial abnormalities in trading activities. To protect user interests and uphold the platform’s integrity, WazirX decided to reverse all trades made after 1 PM IST on July 18. The decision aims to rectify the impact of the cyberattack and ensure fairness across all accounts.
Details of the Restoration Process
- Portfolio Balances: All user portfolios will be restored to their state as of 1 PM IST on July 18. This includes reversing any trades and transactions involving cryptocurrencies or INR that took place after this time.
- Fees and Referrals: 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.
- Deposits and Withdrawals: 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 an email 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 user account balances and reverse trades reflects a commitment to fairness and user protection. The restoration process aims to address the impact of the July 2024 cyberattack and ensure the platform’s integrity, providing users with confidence in WazirX’s commitment to their interests.
解説
- User Protection: WazirX’s decision reflects a strong commitment to user protection and platform integrity.
- Restoration Process: Detailed steps to restore account balances and reverse trades.
- Fairness: Ensures fairness across all accounts affected by the cyberattack.
- Email Notifications: Affected users will receive detailed email notifications.
- Platform Integrity: The restoration process underscores WazirX’s commitment to maintaining platform integrity and user confidence.