WazirX has announced a rollback of all trades executed between July 18 and July 21, 2024. The platform also committed to restoring user portfolio balances to their exact state as of July 18, 1 PM IST, when the attack prompted an emergency halt on the withdrawals.
However, trading and fund withdrawals on WazirX will remain suspended. The company has not issued a statement regarding when normal operations will resume.
Furthermore, the Tax Deducted at Source (TDS) associated with the affected trades will be credited to users.
Also, any ongoing or pending transactions will be cancelled, and the user portfolio will be reset to its pre-attack state. This applies to all trades involving INR and various cryptocurrencies.
The company will also reverse any associated fees and referral bonuses, ensuring that users are neither unduly penalised nor unfairly rewarded.
The cyberattack occurred on July 18 and sent shockwaves through the Indian cryptocurrency community, leading to significant disruptions on the WazirX platform.
Users couldn’t withdraw funds during the attack, causing concern and frustration. WazirX later announced a bounty program and offered to distribute the breach equitably among all users, but the community criticised this move.
After a thorough internal review, the platform has now decided to reverse all trades after the withdrawal halt. This rollback, which will unfold in a few days, is intended to eliminate any potential unfair advantage or disadvantage that may have arisen due to the cyberattack’s impact on trading conditions.
“All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July 2024, 1 PM IST. This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades,” wrote WazirX.
The reversal of trades and restoration of balances will affect every aspect of the affected accounts, including cryptocurrency and fiat balances. All such transactions will be nullified for users who traded or deposited funds between July 18 and July 21.
Users impacted by the incident will be notified via email, and a comprehensive inventory of the transactions that have been nullified will be included. Once the recovery process is finalised, users can confirm details directly on the WazirX platform.
“The restoration will be carried out over the next few days, and affected users will be sent an email with a consolidated list of affected trades, which can be confirmed on the WazirX platform,” the company notes.
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