WazirX, an Indian crypto exchange, has declared its intention to return all customer account balances to their original positions following a loss of $230 million to attackers on July 18, 2024.
The decision was made due to a significant cyberattack that disrupted the platform’s operations and user activity. WazirX attributed the success of the attack to the attackers, who are believed by some to be state-sponsored actors from North Korea.
The verdict invalidates all trades and transactions on the platform that occurred over several days, guaranteeing fair treatment for all users impacted by the “abnormality” caused by the cyberattack.
The restoration process will take place in the upcoming days, and users who have been impacted will get email messages with comprehensive information about the reversed trades.
During the stated period, any transactions converting cryptocurrency to Indian rupees (INR) and vice versa will be reversed, resulting in changes to cryptocurrency balances and INR holdings.
The exchange has temporarily suspended all trading and withdrawal activity while the restoration process is ongoing. Any taxes deducted at the source for these transactions will be refunded to customers’ accounts.
WazirX has recorded these transactions and will resolve them in a forthcoming update for users who deposited dollars or cryptocurrencies within the impacted timeframe.
