Key takeaways:
- The WazirX has restored investor balances over a month after a significant attack caused the loss of $234 million in client funds Safe Multisig wallet.
- The company claims that continuous legal analysis is needed to implement these solutions, and it is now seeking confirmation from partners who can help resolve these concerns.
The WazirX exchange has restored investor balances over a month after a significant attack caused the loss of $234 million in client funds in the Indian crypto exchange’s Safe Multisig wallet.
Despite these developments, many users are still unsure of when they will be able to withdraw their funds, which causes them to become nervous and upset.
In an update on August 16, WazirX reported that they are focusing on two primary problems: figuring out how to handle Indian Rupee (INR) holdings and fixing problems with crypto balances.
The company claims that continuous legal analysis is needed to implement these solutions, and it is now seeking confirmation from partners who can help resolve these concerns.
WazirX said in a previous article on August 16 that it had successfully finished the planned maintenance, which had started at two in the morning. All platform operations were suspended prior to the maintenance.
The exchange verified that all transactions executed following the withdrawal suspension on July 18, the hacking day, have been undone. After almost a month of uncertainty, consumers can now see their funds in their accounts as a result of this repair.
The absence of a well-defined schedule for fund withdrawals hasn’t placated irate investors who’ve been demanding instant access to their money. The exchange’s first suggestion of a socialist 55/45 loss-sharing plan, which was greeted with fierce resistance from investors, has made matters worse.
One of WazirX’s multisignature wallets, which held a whopping $234 million, or more than 45% of all investor funds, was the focus of the July 18 breach. Refunding all investor cash is becoming increasingly difficult for WazirX, as only 55% of client funds remain.
Users of WazirX are becoming increasingly dissatisfied due to the lack of transparency and the continuous inability to withdraw payments. Several investors have vented their frustrations and called for swift action on social media.
Following the tragic breach on WazirX, India’s Bharat Web3 Association (BWA) increased its dedication to strong cybersecurity and consumer safety in the crypto field.
After a protracted seven-month ban due to regulatory compliance, Binance’s mobile app is once again accessible for download in India through the Google Play Store and Apple App Store, while WazirX struggles with its situation.