WazirX Restores Investor Balances After $234 Million Hack
- The withdrawal suspension took place at 1 pm IST on July 18, the day of the hacking.
- One of WazirXs multisignature wallets was the focus of the breach on July 18.
The Indian cryptocurrency exchange WazirX has restored investor balances, almost one month after a huge hack shook the company and stole $234 million from users Safe Multisig wallets. Despite these developments, many customers are worried and angry since they do not know when they will be able to withdraw their money.
Updated on August 16th, WazirX said they are focusing on two primary issues. First one is fixing problems with cryptocurrency balances and second one is finding a solution for Indian Rupee (INR) balances. Also, the business is now waiting for confirmation from partners who can help resolve these concerns, and they claim that continued legal examination is necessary for these solutions.
Moreover, the planned maintenance that started at 2 am on August 16 was successfully completed, according to a previous post from WazirX. Earlier, all activities on their platform were temporarily suspended for maintenance.
No Withdrawal Timeline
Following the withdrawal suspension at 1 pm IST on July 18, the day of the hacking, the exchange announced that all trades executed after that time had been reversed. Customers may now see the money in their accounts after this maintenance. Which had been going on for over a month.
Investors are furious because they need their money now. But there is no set date for when they can get it. The situation has taken a turn for the worst as investors were strongly against the exchanges original plan. For a socialist 55/45 loss-sharing arrangement.
One of WazirXs multisignature wallets was the focus of the breach on July 18. This wallet held a remarkable $234 million, or more than 45 percent of total investor money. It would be very difficult for WazirX to repay all investor cash with just 55% of customer funds left.
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Read more: https://thenewscrypto.com/wazirx-restores-investor-balances-after-234-million-hack/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
