WazirX Fixes Balances After Hacking, Although Withdrawl Timeline Isn’t Specified Yet

Individual investors have been negatively impacted by the withdrawal delays, and questions have been raised concerning the general security and dependability of Bitcoin exchanges.

The WazirX exchange has restored investor balances over a month after a significant attack caused the loss of $234 million in client monies in the Safe Multisig wallet of the Indian cryptocurrency exchange. Despite these developments, many users are still unsure of when they will be able to withdraw their money, which causes them to become nervous and upset.

WazirX said in an update on August 16 that they are focusing on two primary problems: figuring out how to handle Indian Rupee (INR) holdings and fixing problems with cryptocurrency balances. The company claims that in order to implement these solutions, continuous legal study is needed, and they are now seeking confirmation from partners that can help resolve these concerns.

WazirX Maintenance Completed!

WazirX said in a previous article on August 16 that it had successfully finished the planned maintenance, which had started at two in the morning. All platform activities were suspended prior to the maintenance.

On July 18, the day of the hacking, the exchange verified that all deals executed following the withdrawal suspension at 1 pm IST had been reversed. After almost a month of uncertainty, consumers may now see their funds in their accounts as a result of this repair.

The absence of a well-defined schedule for fund withdrawals hasn’t placated irate investors who’ve been demanding instant access to their money. The exchange’s first suggestion of a socialist 55/45 loss-sharing plan, which was greeted with fierce resistance from investors, has made matters worse.

Industry Reaction

One of WazirX’s multisignature wallets, which held a whopping $234 million, or more than 45% of all investor money, was the focus of the July 18 breach. Refunding all investor cash is becoming increasingly difficult for WazirX, as just 55% of client funds remain.

Users of WazirX are becoming more dissatisfied due to the lack of transparency and the continuous difficulty of withdrawing payments. Several investors have vented their frustrations and called for swift action on social media.

Following the tragic breach on WazirX, the Bharat Web3 Association (BWA) in India increased its dedication to strong cybersecurity and consumer safety in the cryptocurrency field.

After a protracted seven-month ban due to regulatory compliance, Binance’s mobile app is once again accessible for download in India through the Google Play Store and Apple App Store, while WazirX struggles with its situation.