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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.
During the restoration, trading, and withdrawal functions will remain suspended to facilitate a smooth and accurate process.
WazirX has announced the restoration of user balances and the reversal of trades conducted between July 18 and July 21. This decision follows a $230 million attack that disrupted platform operations on July 18, leading to the suspension of withdrawals.
Beleaguered crypto exchange WazirX on Thursday said it has decided to restore wallet balances and cancel all trades executed after the hack. The move comes after the customers expressed dissatisfaction with the earlier plans of the India-based crypto exchange and legal petitions filed against the company and its executives.
Indian crypto exchange WazirX announced plans to undo all trades that occurred following its withdrawal freeze on July 18.
WazirX, one of the largest crypto exchanges in India, lost $235 million to a multisig wallet security breach in July 2024.
WazirX, the Indian crypto exchange that fell trap to a major security breach last month, is slowly restoring the balances of all user accounts. The balances will be restored to what they were at the time of the security breach, a new update noted.
CoinDCX, India's largest crypto exchange has announced the establishment of a Crypto Investors Protection Fund (CIPF) to compensate users for losses in rare scenarios like a security breach or other such adverse events. The homegrown crypto exchange has initially allocated Rs 500 million to the fund.
In light of the alarming security breach at WazirX, CoinDCX has established the Crypto Investors Protection Fund (CIPF), which is specifically designed to reimburse customers for losses incurred during rare security incidents. According to a press release sent to Cryptonews, the CIPF aims to set new standards for security within the Indian crypto ecosystem, ensuring that CoinDCX customers' assets remain secure.
Subsequent to the WazirX cyberattack that washed off $230m, the competing crypto exchange has unveiled the establishment of a Rs 50-crore Crypto Investor Protection Fund (CIPF).
Crypto exchange CoinDCX has established a $6 million contingency fund in a bid to protect customer assets as the Indian crypto market struggles to recover from the aftermath of the $230 million WazirX hack. A press release shared with crypto.
The $230 million hack on Indian crypto exchange WazirX last month, has alerted CoinDCX to plan ahead in case of such security breach. CoinDCX, India's leading crypto exchange, has established a $5.9 million fund for customer protection to compensate users during such events.
Indian crypto exchange CoinDCX's co-founder Sumit Gupta has told CoinDesk that his company has established an investor protection fund, saying that if other exchanges did this too "it would be better for the eco system."
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.
On August 5, 2024, WazirX announced via X (formerly Twitter) that it had lodged an FIR under the BNS and IT Act with the Special Cell of the Delhi Police. The report was filed at the PS Lodhi Colony station and involves the Intelligence Fusion & Strategic Operations (IFSO) unit of Delhi Police.
WazirX, a leading cryptocurrency exchange based in India, has taken a significant step in addressing the aftermath of the major cyber attack on its systems by filing a First Information Report (FIR) with the Delhi Police.
The infamous hack on the multi-sig wallet belonging to an Indian crypto exchange, left its customers' money missing and on the edge where they lost more than $230 million.
Crypto exchange WazirX has revealed the filing of the First Information Report (FIR) in relation to the infamous hack that led to millions in losses. The platform continues to update users on ongoing efforts to bring the hackers to justice.
WazirX's multi-signature wallet suffered a cyber attack, prompting a police case filed on August 5, 2024.
WazirX is back to the drawing board after failing to sell its controversial “socialized loss” strategy.
Crypto exchange WazirX has received tremendous criticism for its proposed “55/45” plan to socialize losses made from a recent attack on the platform.
On July 19th, WazirX experienced a significant security breach, resulting in the loss of over $230 million worth of cryptocurrency assets. WazirX To Distribute Losses Among Customers WazirX announced on Saturday a controversial solution of distributing the loss among all customers.
As WazirX navigates this crisis, the firm faces the challenge of rebuilding trust with its user base and the broader crypto community.
WazirX Hack Update: In the follow-up of the Indian crypto exchange's recent $230m hack, a new development unfolded, further intensifying investor concerns. The firm's plan to socialize losses, aka the 55/45 approach, has encountered severe backlash from the crypto community, in turn getting canceled.
