WazirX Hack event has passed and its time to repent on their crime, so WazirX has returned the money that was stolen in the hack, back to user accounts. However, users still can’t withdraw this money.
Nearly a month after WazirX Hack, it lost $234 million from its secure multisig wallet due to a major hack, the Indian crypto exchange has restored investors’ balances. However, users are still frustrated and worried as they cannot withdraw their funds yet.
In an update on August 16, WazirX said that they are working on two main issues finding a solution for Indian Rupee (INR) balances and fixing issues with cryptocurrency balances. These solutions require continued legal analysis, and they await confirmation from partners who can help resolve these issues.
WazirX Hack Update: Maintenance Complete
On 16 August, WazirX reported that it had completed its scheduled maintenance, which had started at 2 am. Due to this maintenance, all the services of the platform were stopped.
The exchange confirmed that all trades made after 1 pm on July 18, the day the hack occurred, have been reversed. After this maintenance, users can now see their money in their accounts, which is after almost a month of uncertainty.
But, investors are still angry as they do not know when they will be able to withdraw their money. The situation became worse when WazirX first proposed a 55/45 loss sharing, which was vehemently opposed by investors.
WazirX Hack Update: Industry response
The hack on July 18 targeted WazirX’s multi-signature wallet, which held more than 45% of investors’ money, equivalent to $234 million. Now when only 55% of the money is left, WazirX faces a big challenge to return the money of all the investors.
WazirX users are very angry due to lack of transparency and difficulties in withdrawing money. Many investors have expressed their displeasure on social media and demanded immediate action.
In response, India’s Bharat Web3 Association (BWA) has increased its focus on cybersecurity and consumer protection in the crypto space following the WazirX hack.
Meanwhile, Binance’s mobile app is again available for download in India on Google Play Store and Apple App Store, which was closed for seven months due to regulatory issues.
Conclusion
The major challenge after the hack is to make WazirX fully functional and regain investor confidence. Although returning the balance is a good step, lack of clarity regarding withdrawal dates and security issues are still major concerns. This situation shows that better security and clearer information are needed to bring back confidence in the cryptocurrency sector.
