WazirX has recently announced the restoration of user balances and the reversal of trades that took place between July 18 and July 21. This decision comes after a devastating $230 million cyberattack that disrupted platform operations on July 18, resulting in the suspension of withdrawals. The main goal of this measure is to ensure fair treatment for all users affected by the incident.
After receiving feedback from numerous users, WazirX has made the choice to reset all account balances to their state as of July 18, at 1 P.M. IST. The restoration process will take place over the next several days, with affected users receiving email notifications outlining the impacted trades. This decision is aimed at safeguarding the platform’s integrity and providing a just outcome for users in the wake of the cyberattack.
All trades conducted during the specified period will be nullified, and any fees or referrals associated with these trades will be reversed. Users who made deposits in fiat or cryptocurrency during this time frame will have their transactions addressed in a future update. While the restoration process is ongoing, trading and withdrawals on the platform will remain suspended.
Tax implications, such as Tax Deducted at Source (TDS) linked to the affected trades, will be credited back to the users. The restoration will impact both INR and cryptocurrency balances to the extent that trades involving these currencies were carried out after the specified time. WazirX has reassured its users that they are actively taking feedback into consideration and implementing measures to address concerns promptly.
It is vital that users remain patient and supportive during this challenging time as WazirX works towards resuming normal platform operations. By prioritizing user integrity and fairness, WazirX is demonstrating its commitment to providing a secure and trustworthy trading environment for its users.
