After experiencing a $230 million cyberattack that disrupted platform operations on July 18, WazirX has taken the decision to restore user balances and reverse trades conducted between July 18 and July 21. This move comes in response to the need for equitable treatment for all users affected by the incident.
The restoration process will take place over the next few days, with affected users receiving email notifications detailing the impacted trades. All account balances will be reverted to their state as of July 18, at 1 P.M. IST. In order to protect the platform’s integrity and ensure a fair outcome for users, all trades executed within the specified period will be nullified, along with any related fees and referrals.
Users who deposited fiat or cryptocurrency during the affected period will have their transactions addressed in a future update. Trading and withdrawals on the platform will remain suspended during the restoration process. Tax implications, such as Tax Deducted at Source (TDS) linked to the impacted trades, will be credited back to the users. Both INR and crypto balances will be adjusted based on trades involving these currencies after the specified time.
WazirX has emphasized the importance of user feedback and support throughout this challenging time. They are actively listening to user concerns and taking necessary steps to address them. As the platform works towards resuming normal operations, they encourage users to remain patient and supportive.
WazirX’s decision to restore user balances and reverse trades following the cyberattack shows their commitment to prioritizing user fairness and integrity. By nullifying trades conducted during the affected period and addressing tax implications, they are working towards providing a transparent and equitable outcome for all users. As the restoration process unfolds, user communication and support will be essential in helping WazirX navigate through this challenging time and resume normal platform operations.
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