Restoring Balances: WazirX Announces Maintenance Period
Indian cryptocurrency exchange WazirX has provided details of an upcoming maintenance period aimed at restoring account balances and reversing certain transactions. This decision comes after a failed recovery plan that sparked massive community outrage following a $230 million cryptocurrency hack. The company aims to restore the account balances of users who have been waiting to regain their funds, which have been locked for nearly a month.
WazirX announced in a tweet that they will be conducting maintenance from 6:00 PM IST on August 15th to 2:00 AM BST on August 16th to address the issue.
Uncertain Withdrawals: What Users Can Expect
By 2:00 AM IST on August 16, WazirX users’ balances are expected to revert to their status as of 1 PM IST on July 18, 2024. The exchange has stated that it would revoke all trades and deposits made between July 18 and July 21. While account balances will be restored, the exchange has not confirmed if withdrawals will also resume at that time.
Users will receive an email detailing any transactions that have been reversed during this maintenance process. However, the lack of transparency in WazirX’s plans has caused frustration among users, who have been vocal about delays in resolution.
The Aftermath: WazirX’s Recovery Efforts and Community Response
After an attack on WazirX on July 18, where over 15,000 Ethereum and various other tokens were stolen, the exchange’s systems were compromised, affecting 45% of customer funds. The exchange blamed “discrepancies in displayed data” on their hosting provider Liminal’s interface, while Liminal denied any responsibility, stating that the wallets associated with the attack were created by WazirX.
WazirX’s recovery plan, which aims to evenly distribute losses among all users, allowing immediate access to 55% of user portfolios, was met with criticism within the community. The exchange’s efforts have included filing a First Information Report with the Delhi Police and implementing a bounty program.
While speculation suggests the involvement of the Lazarus group in the attack, no confirmation has been made. The lack of clarity and delays in resolution have left WazirX users anxious about the security of their funds.
The post-hack recovery process continues to unfold, with the exchange facing scrutiny for its handling of the situation and the planned distribution of losses among its user base.
