Wazirx Update: Trade Reversals Near Completion, 344 Bounty Entries Received

August 13, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx says it is close to completing the reversal of trades after the $230 million cyberattack. “We’re working with legal experts to help us formulate an effective method for enabling withdrawals,” the exchange stated. Additionally, Wazirx revealed that its bounty program has attracted 344 bounty hunters to help recover the stolen funds. […]

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Indian Crypto Exchange WazirX To Roll Back All Trades and Restore Balances Following $230,000,000 Hack in July

August 10, 2024 The Daily Hodl

crypto

Indian crypto exchange WazirX is reversing all trades and restoring customer balances after the platform was hacked to the tune of hundreds of millions of dollars in July. In a new thread on the social media platform X, WazirX says that after listening to the community, it has decided to roll back all trades made […]

The post Indian Crypto Exchange WazirX To Roll Back All Trades and Restore Balances Following $230,000,000 Hack in July appeared first on The Daily Hodl.

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Wazirx to Reverse All Trades Made After Withdrawal Freeze

August 10, 2024 Bitcoin.com

balance

Indian crypto exchange Wazirx has decided to reverse all trades made after withdrawals were halted following the recent cyberattack. The exchange announced that this process will take place over the next few days, with all users’ portfolio balances on the platform being restored to their July 18 post-hack levels. Wazirx to Reverse Trades Following Withdrawal […]

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Wazirx Announces FIR Filing Following Major Cyberattack

August 6, 2024 Bitcoin.com

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Indian crypto exchange Wazirx has updated users about the recent cyberattack, confirming the filing of a First Information Report (FIR) to address the hack. Cofounder Nischal Shetty emphasized that a police complaint was made the day after the attack. The FIR, filed nearly 20 days later, is part of an ongoing investigation by the Delhi […]

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Coindcx Urges Wazirx to Reconsider Passing 45% Losses to Customers

July 30, 2024 Bitcoin.com

bitcoin.com

The CEO of Indian crypto exchange Coindcx has criticized Wazirx’s approach in response to a recent $230 million cyberattack. Urging Wazirx to take responsibility, he stressed: “Making customers directly absorb the 45% losses is utter nonsense.” Wazirx is working to recover and reopen its platform, providing updates and taking legal actions, while assuring users about […]

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Wazirx Says ‘Poll Is Not Final’ — Shares Additional Cyberattack Recovery Plan

July 29, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx has assured users that the poll conducted to gather input for reopening the platform following the recent major cyberattack is not final and “not legally binding upon the users or Wazirx.” Co-founder Nischal Shetty explained that Wazirx “will soon launch a feedback form to collect more ideas.” He emphasized the importance […]

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Wazirx Clarifies Recovery Options, Asset Valuation, and USDT Conversion After Cyberattack

July 28, 2024 Bitcoin.com

asset recovery

Indian cryptocurrency exchange Wazirx has answered important questions from its users about the recent cyberattack. The platform explained its socialized loss strategy and the options users have to recover their assets. Additionally, users inquired about asset valuation and token conversion to USDT. Wazirx Addresses Key Questions Following Cyberattack On Saturday, Indian crypto exchange Wazirx addressed […]

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WazirX launches fair fund recovery plan post $230M hack

July 27, 2024 Coin Telegraph

WazirX launches fair fund recovery plan post 0M hack

$230M theft

Drawing lessons from past incidents such as the Mt. Gox and Bitfinex hacks, WazirX aims to apply the best practices from these cases to ensure a fair and efficient resolution.

In a move to address the recent cyberattack that resulted in the theft of approximately $230 million, Indian crypto exchange WazirX has announced a fair and transparent socialized loss strategy for user fund recovery.

The hack, which impacted 45% of user funds, has prompted WazirX to adopt an equitable approach to minimize the disruption to its user base and preserve the platform’s stability.

In a blog post, WazirX announced that it has opted for a 55/45 approach. This approach allows users immediate access to 55% of their assets while locking the remaining 45% in Tether (USDT)-equivalent tokens.

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Wazirx Details Plan to Resume Withdrawals and Trading — Insists Signers’ Machines Show ‘No Evidence of Compromise’

July 25, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx has provided an update on its progress to enable users to withdraw funds and resume trading on its platform following a cyberattack that caused a loss of over $230 million. “Our preliminary investigation reveals no evidence of compromise on our signers’ machines. We are continuing to explore all possible sources of […]

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Wazirx Prepares Poll for User Input on Resuming Withdrawals and Trading

July 24, 2024 Bitcoin.com

bitcoin.com

Indian crypto exchange Wazirx is setting up a poll to let customers decide on reopening the platform for withdrawals, deposits, and trading. “Some options have emerged to help with the recovery which we’re exploring,” said Wazirx co-founder Nischal Shetty. “We’re actively contacting projects linked to the stolen tokens to seek their support in the recovery […]

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