The Impact of WazirX’s Decision to Restore User Balances

In response to a $230 million attack on its platform on July 18th, WazirX has made the decision to restore user balances and reverse trades conducted between July 18th and July 21st. This move comes after the suspension of withdrawals following the cyberattack, with the aim of ensuring fair treatment for all affected users.

After receiving feedback from numerous users, WazirX has chosen to reset all account balances to their state as of July 18th at 1 P.M. IST. The restoration process will take place over the next several days, with affected users being notified via email about the impacted trades. This decision is intended to maintain the platform’s integrity and provide a just outcome for users impacted by the abnormality caused by the attack.

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 crypto during this timeframe can expect their transactions to be addressed in a future update. While the restoration process is ongoing, trading and withdrawals on the platform will be temporarily suspended.

Tax Implications and User Support

Any tax implications, including Tax Deducted at Source (TDS) related to the affected trades, will be refunded to users. The restoration will impact both INR and crypto balances to the extent that trades involving these currencies occurred after the specified time. WazirX has reassured users that they are actively listening to feedback and taking necessary steps to address concerns. They emphasize the importance of user patience and support as they strive to resume normal platform operations.

Overall, WazirX’s decision to restore user balances and reverse trades following the recent cyberattack demonstrates their commitment to ensuring fairness and integrity on their platform. By actively engaging with user feedback and taking appropriate actions, they are working towards rebuilding trust and confidence amongst their user base. It is crucial for users to remain patient and supportive during this restoration process, as the platform strives to overcome the challenges posed by the cyberattack and resume normal operations smoothly.