thenewscrypto.com
- Indian crypto exchange WazirX is close to finalizing the restoration of trades conducted between July 18 and 21.
- The crypto exchange also working with legal experts to enable users’ withdrawals.
The massive cyberattack on WazirX that took place on July 18 has cast a long shadow over the Indian crypto community. The breach, which resulted in a $230 million loss, has shaken the confidence of Indian crypto users, prompting renewed scrutiny of exchange security and the safety of users’ funds.
On August 13, WazirX announced that it is nearing to restore operations, particularly focusing on trades conducted between July 18 and 21. Also, this exchange is collaborating with legal experts to facilitate user withdrawals, but the path to recovery has been filled with challenges, leading to widespread worry within the Indian crypto community.
On the official Twitter post, WazirX stated:
We are nearing the completion of restoring the balances for trades that happened between 18 and 21 July. This will undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July 2024, at 1 PM IST.
We’re working with legal experts to help us formulate an effective method for enabling withdrawals.
WazirX’s response has included efforts to retrieve the stolen assets and collaboration with various exchanges, but these plans have been slow to yield tangible results.
WazirX Struggles with Slow Recovery and Growing User Concerns
The cyberattack, which compromised WazirX’s Safe Multi-Signature wallet, led to the theft of significant assets, including approximately 5.43 trillion SHIB tokens and 15,298 ETH, among other cryptocurrencies.
A bounty program offering $23 million for information on the attackers has done little to restore user confidence. However, the platform’s inability to maintain a 1:1 collateralization ratio has only deepened the mistrust among its users. Also, the community remains unrest due to what many perceive as insufficient and delayed recovery efforts.
Still, WazirX continues to explore potential solutions with multiple partners, but the lack of concrete outcomes has left users feeling exposed and anxious. Also, the exchange’s vocal updates haven’t calmed fears and ended the growing concerns among the Indian crypto community about the safety of their funds and investments on the platform.