WazirX Recovers Investor Balances After $234 Million Hack
- WazirX restored investor balances after a $234M hack, but users remain frustrated due to ongoing fund withdrawal restrictions.
- WazirX faces challenges resolving INR and crypto balance issues, requiring legal analysis and partner confirmations.
- The WazirX hack exposed significant security flaws, prompting India's BWA to enhance cybersecurity and consumer protection measures
WazirX Recovers Investor Funds After Major Hack
Nearly a month after the massive hack that shook the WazirX exchange, resulting in a loss of $234 million from the Indian crypto exchange’s Safe Multisig wallet, the platform has successfully restored investor balances. However, despite this progress, users are still unable to withdraw their funds, leaving many frustrated and anxious.
Ongoing Issues with INR and Crypto Balances
In an update on August 16, WazirX stated that they are actively working on two key issues: resolving Indian Rupee (INR) balances and addressing cryptocurrency balance concerns. The exchange mentioned that these solutions require ongoing legal analysis, and they are awaiting confirmation from partners who can assist in resolving these challenges.
WazirX Completes Maintenance After Suspension
Earlier on August 16, WazirX announced the successful completion of its scheduled maintenance, which began at 2 AM IST. This maintenance followed a suspension of all platform operations. The exchange confirmed that all trades made after the withdrawal stoppage at 1 PM IST on July 18, the day of the hack, have been reversed. Following this maintenance, users can now see their funds in their accounts after nearly a month of uncertainty.
WazirX Fund Withdrawal News
The lack of a clear timeline for fund withdrawals has left many investors angry and demanding immediate access to their funds. The situation was further aggravated by WazirX’s initial proposal of a 55/45 socialistic loss-sharing model, which was met with strong opposition from the community.
Industry Response and Security Measures
The hack on July 18 targeted one of WazirX’s multisignature wallets, which held over 45% of total investor funds, amounting to $234 million. With only 55% of customer funds remaining, WazirX now faces a significant challenge in returning all investor funds. The lack of transparency and the ongoing inability to withdraw funds have led to growing dissatisfaction among WazirX users, who have taken to social media to voice their concerns.
In response to the hack, India’s Bharat Web3 Association (BWA) has reinforced its commitment to improving cybersecurity and consumer protection in the crypto space. Meanwhile, Binance’s mobile app has become available again for download in India via the Google Play Store and Apple App Store, after a seven-month suspension related to regulatory issues.
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