Wazirx logo on a website with blurry stock market developments in the background, seen on a computer screen through a magnifying glass. Source: Dennis - stock.adobe.com

Key Takeaways:

WazirX restored user balances a month after a $234 million hack but faced criticism for ongoing withdrawal delays and a lack of transparency.
The exchange reversed trades post-hack, but users are dissatisfied with the proposed 55/45 loss-sharing model.
India’s Bharat Web3 Association emphasized enhanced cybersecurity and consumer protection following the incident.

WazirX, an Indian cryptocurrency exchange, recently restored user balances nearly a month after a major hack resulted in the loss of $234 million from its Safe Multisig wallet.

Despite the progress, users remain frustrated due to ongoing delays in withdrawing their funds, with no clear timeline provided.

Scheduled maintenance is now completed. Account balances have been restored, and all trades made on the WazirX platform after the withdrawal stoppage at 1 PM IST on 18th July 2024 have been undone.

Thank you for your continued patience and support. 🙏 https://t.co/4kRskf7hsu
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 15, 2024

The exchange completed maintenance on August 16, reversing trades made after the hack, but investors are dissatisfied with the lack of transparency and the proposed 55/45 loss-sharing model.

The hack targeted a wallet holding 45% of investor funds, leaving WazirX struggling to return the full amount.

👋 tribe! On top priority we’re working on two aspects:

1. Solution for INR balances
2. Solution for crypto balances

Both these solutions need legal analysis which is ongoing. At the same time we’re also waiting on some positive confirmations from the various partners who can… pic.twitter.com/vL2wCv63ON
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 16, 2024

In response to the incident, India’s Bharat Web3 Association (BWA) has reinforced its focus on cybersecurity and consumer protection.

About The Author

Written by

Adam Morris

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

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