Wazirx, a prominent Indian crypto exchange, has provided an update on its recovery efforts following a massive cyberattack that resulted in the loss of $230 million.
Indian crypto exchange Wazirx is nearing the completion of restoring balances for trades that occurred between July 18 and 21, the platform announced Tuesday. The trades will be reversed following a cyberattack that led to the loss of $230 million and the subsequent suspension of withdrawals.
“We are nearing the completion of restoring the balances for trades that happened between 18th and 21st July,” Wazirx stated on social media platform X. “This will undo all trades carried out on the Wazirx platform following the stoppage of withdrawals on 18th July 2024, at 1 PM IST.”
The exchange added that it is working with legal experts to formulate an effective method for enabling withdrawals. Last week, the crypto exchange filed a First Information Report (FIR) with Indian authorities regarding the cyberattack.
Nischal Shetty, co-founder of Wazirx, has asked users for patience as the exchange works on resolving the situation. “These efforts take time, please bear with us as we navigate through this difficult period,” Shetty posted on X Tuesday.
However, users have expressed increasing concern over Wazirx’s handling of the cyberattack, particularly the platform’s delayed action in allowing withdrawals. Frustrated by the potential risk to their funds, many users are urgently requesting access to their assets, insisting on the prompt return of their money.
In its efforts to recover funds, Wazirx also launched a bounty program. “For our Bounty Program, we’ve received entries from 344 bounty hunters, including security professionals and ethical hackers, who are actively pursuing the trail of the stolen funds,” the exchange revealed Tuesday.
“We are in touch with multiple partners to explore all possible solutions to mitigate the financial impact of the cyberattack,” Wazirx further shared. “Currently, we are in discussions with seven partners and making steady progress.”
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