WazirX plans to resume trading and withdrawals shortly while addressing user concerns.
On Thursday, WazirX, a troubled cryptocurrency exchange, announced its decision to restore wallet balances and nullify any conducted trades.
The decision to take this action came after customers expressed dissatisfaction with the previous plans of the cryptocurrency exchange based in India, and following the filing of legal petitions against the company and its officials.
On July 18, 2024, at one o’clock in the afternoon Indian Standard Time, the WazirX platform will allow all users to have their wallet balances restored to the state they were in prior to the withdrawal suspension.
WazirX Plans To Reverse To Pre-Withdrawal Halt State
Furthermore, the cryptocurrency exchange declared on August 8 that all trades executed on the platform following the attack would be null and void. The exchange made the decision after conducting a comprehensive analysis of the issue and soliciting input from a large number of users to address the concerns.
Within the next few days, the corporation intends to restore operations, which will include trading and withdrawals, while simultaneously endeavoring to improve the outcomes for consumers.
“We are actively listening to all of our customers’ feedback,” said WazirX co-founder Nischal Shetty. We are addressing the problem incrementally and striving to discover a resolution.
Following the July 18, 2024, hack against WazirX, the cryptocurrency exchange pledged to maintain its transparency and provide its users with a satisfactory resolution. We will restore all affected aspects, including fees, referrals, deposits, and TDS, to their previous state.
We will also send a consolidated list of affected trades to affected users via email. Additionally, affected users will be alerted. On the other hand, the cryptocurrency exchange and its officials have not disclosed any additional efforts taken to recover stolen assets or the time frame by which affected individuals will reclaim their funds.
Legal Petitions Filed Against the Exchange
On July 18, WazirX was the victim of a cyberattack on its multisignature crypto wallet, which resulted in hackers stealing $235 million worth of cryptocurrency, including 5.4 trillion Shiba Inu tokens of the cryptocurrency.
The exchange received feedback from members expressing their dissatisfaction with the different options under investigation, aiming to distribute the effects among all members and support other recovery initiatives.
The Special Cell of the Delhi Police, through Intelligence Fusion and Strategic Operations (IFSO), filed a First Information Report (FIR) under the BNS and IT Act on August 5.
The exchange made this information public earlier this week. WazirX informed users that the company is actively working to recover all the stolen assets and bring the hackers to justice.
A petition against Zanmai Labs Private Limited, Liminal, the company’s infrastructure partner and other affiliated companies has just reached the National Company Law Tribunal (NCLT).
While this is going on, a number of users are getting ready to file a public interest litigation (PIL) against the exchange and Nischal Shetty in the High Court in New Delhi.
