- WazirX has issued an update on its latest plan post-hack.
- The exchange had planned to restore user balances following the incident.
- Efforts to recover the stolen $230 million are underway.
Hacked crypto exchange WazirX announced today an update regarding its plan to restore the balances of trades initiated by users between July 18 and 21.
The plan was initiated on August 8 following public outrage over the controversial “socialized loss strategy” floated by WazirX almost a week after $230 million was stolen from its platform. The exchange then wanted users to share the hack’s impact equally.
WazirX Fast Tracks New Recovery Plan
In an X (Twitter) post on August 13, WazirX said the plan to restore the user balances was “nearing completion.” Once complete, the move will undo all the trades that happened after the exchange paused withdrawals on July 18, 1 PM IST.
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However, users might be unable to cash out their balances as soon as they are restored. The exchange stated that it was still working with legal experts to formulate an “effective” method for enabling withdrawals.
Demonstrating zealous effort toward funds recovery, WazirX said its bounty program, launched last month, has attracted hundreds of entries.
“For our Bounty Program, we've received entries from 344 bounty hunters, including security professionals and ethical hackers, who are actively pursuing the trail of the stolen funds,” WazirX wrote.
The exchange further claimed that it was in touch with seven partners in the crypto industry to explore possible solutions for mitigating the financial impact of the multimillion-dollar attack. WazirX said it was “steady progress” with the discussions.
WazirX CEO Nischal Shetty urged patience, telling users to “bear with” the exchange as it navigated this difficult period.
Read about the total amount of crypto lost to hacks in the first half of 2024:
Crypto Theft Loss Doubles to $1.38B in First Half of 2024
Stay updated on how LI.FI protocol was hacked:
LI.FI Hack Steals $10M from Users: How to Protect Your Funds
