WazirX Announces Restoration of User Balances After Cyberattack

WazirX recently made an announcement regarding the restoration of user balances and the reversal of trades that took place between July 18 and July 21. This decision comes in the wake of a $230 million cyberattack that disrupted platform operations on July 18, leading to the suspension of withdrawals. The platform stated that this move is designed to ensure fairness for all users affected by the incident.

After receiving feedback from numerous users, WazirX has opted to return all account balances to their state as of July 18 at 1 P.M. IST. The process of restoration will unfold over the coming days, with affected users being notified via email about the trades that have been affected. The platform emphasized that this decision is meant to safeguard its integrity and deliver a just outcome to users in the aftermath of the cyberattack.

All trades that were executed during the specified period will be nullified, and any fees or referrals associated with these trades will be rolled back. Users who deposited fiat or cryptocurrency during this timeframe will have their transactions addressed in a future update. While the restoration is underway, trading and withdrawals on the platform will remain suspended.

Tax Implications

WazirX has also addressed the tax implications of the affected trades, ensuring that any Tax Deducted at Source (TDS) linked to these transactions will be refunded to the users. The restoration process will impact both INR and cryptocurrency balances, based on the trades conducted after the specified time. The platform has reassured users that they are actively listening to feedback and working to resolve any concerns that may arise.

WazirX has highlighted the significance of user support and patience during this period of restoration. They have stressed the importance of cooperation as they strive to resume normal platform operations. This incident serves as a reminder of the vulnerabilities inherent in the world of cryptocurrency and the necessity for robust security measures to safeguard user funds.