WazirX, one of India’s leading cryptocurrency exchanges, announced the completion of scheduled maintenance to restore account balances and undo all trades made after a severe security breach on July 18, 2024. The hack, which involved the theft of approximately $234.9 million in cryptocurrency assets, temporarily halted all withdrawal activities on the platform.
All Affected Trades and Transactions Reserved
Web3 security company Cyvers was the first to discover the problem when it discovered several dubious transactions coming from WazirX’s Safe Multisig Ethereum wallet. Following the hack, which had a major effect on the exchange, steps were made immediately to secure the remaining assets and resolve any disparities brought about by the cyberattack.
WazirX verified in a recent statement that all impacted trades and transactions executed following the withdrawal stoppage on July 18 at 1 PM IST had been reversed. The exchange assured its customers that the pre-hack balances on their accounts had been returned. This action was made to guarantee that everyone impacted by the anomalies brought about by the security compromise would receive a just outcome.
A comprehensive assessment and reversal of all post-hack activity on the platform were part of the maintenance, which started on August 15. It ended in the early hours of August 16. All WazirX services were momentarily unavailable during this time, enabling the exchange to make the required changes without causing any problems.
Is WazirX Back Stronger?
WazirX’s resolve to rebuild user confidence and transparency is demonstrated by its choice to carry out such substantial maintenance. WazirX wants to reassure its user base about the platform’s security and lessen the impact of the theft by reversing deals and returning account balances.
Given the growing frequency of these assaults in the cryptocurrency space, the breach has also spurred conversations on the significance of improved security measures within crypto exchanges. It serves as a reminder of the continuous difficulties cryptocurrency platforms have in protecting digital assets from cyber threats as WazirX works to resolve the impact of this incident.