WazirX to restore account balances after $235 million hack

WazirX is on the case after the massive $235 million hack. The crypto exchange says it’s working to fix the mess by restoring account balances and undoing trades that happened after the breach. 

They halted withdrawals on July 18th and now they’re rolling up their sleeves to make things right. Users will see their portfolios reset to what they were before. 

This process will take a few days, and everyone affected will get an email about the trades that got messed up.

After the hack, WazirX had to act fast. The exchange decided to undo all trades between July 18 and 21. Why? Because the cyberattack threw everything out of whack, and they want to make sure everyone gets treated fairly. 

In plain terms, any transactions during this time are getting reversed, including fees and referrals. Your portfolio will look just like it did on July 18.

WazirX said they know who deposited what and when, and they’ll sort it out in a future update. Affected users will get an email with a list of all the trades that got hit, and you can double-check everything on the WazirX platform. 

While this is happening, trading and withdrawals are paused to keep things secure and smooth.

WazirX has spelled out what this means for users. If you’re worried about taxes, the TDS (Tax Deducted at Source) from the affected trades will be credited back to you. 

Every trade involving these currencies will be undone, setting things back to how they were before the hack.

WazirX’s goal here is reportedly to make sure everyone is treated fairly. They said: 

“This action is being carried out to ensure that all users are equitably treated following the abnormality arising from the cyberattack.”

Users will get updates via email, explaining the restoration and verification steps.