Originally published on: August 08, 2024
In a bid to restore user confidence after a major security breach, leading Indian cryptocurrency exchange WazirX has announced a significant move to reverse trades and restore account balances. Let’s delve into the details about this proactive measure and its implications.
**Restoring Account Balances Post-Security Breach**
Following a $235 million hack in July 2024 that led to the suspension of withdrawals, WazirX has taken the decision to reverse all trades executed post the withdrawal freeze on July 18. This bold step aims to rectify the anomalies caused by the hack and ensure fairness for all users on the platform.
**Equitable Treatment for Affected Users**
WazirX has promised to restore all user portfolio balances to their pre-hack state as of July 18, 2024. The reversal of trades executed between July 18 and July 21 will guarantee that users are fairly treated, with fees and referrals related to these transactions also set to be reversed.
**What Users Can Expect Moving Forward**
Effective immediately, all trades made after July 18, 07:30 am UTC, will be nullified, and users’ portfolios will be adjusted accordingly. The exchange has assured that any fiat or crypto deposits post the breach will be addressed in an upcoming update, ensuring a smooth recovery process for all affected parties.
**Addressing the Security Breach**
The security breach, which notably saw hackers making off with significant amounts of Shiba Inu and Ether, comprised a substantial portion of WazirX’s reserves. The hack involved discrepancies between transaction data on WazirX and Liminal, the digital custody platform linked to the exchange.
**Moving Towards Greater Security Measures**
As WazirX continues its efforts to enhance security protocols and prevent future breaches, the exchange’s decision to reverse trades and restore account balances showcases its commitment to safeguarding user assets and delivering a transparent and reliable trading environment.
**Conclusion**
In the wake of the recent security incident, WazirX’s strategic decision to reverse trades and restore user balances stands as a testament to its dedication to protecting user funds and upholding trust in the crypto community. As the exchange implements these corrective measures, users can expect a fair and transparent resolution to the aftermath of the hack.
