Finance

WazirX to Restore Balances and Reverse Trades After $230M Hack

Aug 8, 2024 1 min read

Jump to Summary

India-based cryptocurrency exchange WazirX has announced plans to restore user balances and reverse all trades executed after a cyberattack on July 18, 2024. The platform was targeted in a hack that resulted in the theft of nearly $230 million in various cryptocurrencies, including Shiba Inu, Ether, and Matic tokens. To ensure fairness and maintain platform integrity, all transactions made after the withdrawal suspension at 1 PM IST on the day of the attack will be cancelled. User balances will be restored to their pre-attack state, and associated fees, referrals, and tax deductions will be reversed.

The restoration process is expected to be completed within a few days, and affected users will be informed via email about the specific trades impacted. The decision to restore balances and reverse trades follows extensive feedback from the user community and aims to mitigate the negative effects experienced by users due to the cyberattack. WazirX has not yet provided a timeline for resuming fund withdrawals and trading activities. The company has assured users that it is taking steps to address their concerns and optimize outcomes.

#tech #security #cyber-crime #security-breach #cryptocurrency #entrepreneur #corruption #fraud

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil prices experienced a rebound as a potential hurricane approaches the U.S. Gulf Coast. West Texas Intermediate (WTI) crude futures rose by 1.48% to $68.67 per barrel, and Brent crude futures increased by 1.39% to $72.05 per barrel. This follows a period of declining prices

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech, a decentralized social media platform, saw a sharp decline in the value of its native token, FRIEND, after the team transferred control of its smart contracts to Ethereum's null address on September 8. This move, aimed at preventing future changes to the platform's fees

Three Israelis Killed in Allenby Crossing Shooting

Three Israeli civilians were killed in a shooting at the Allenby Bridge crossing between the West Bank and Jordan. The attacker, identified as a Jordanian truck driver, opened fire on Israeli workers at the crossing before being neutralized by security forces. Three additional individuals were critically injured and are receiving

Tether Diversifies with $100M Investment in Adecoagro

Tether, the world's largest stablecoin issuer, has invested $100 million to acquire a 9.8% stake in Adecoagro, a Latin American agricultural company with a presence in Argentina, Brazil, and Uruguay. This acquisition, completed between July 29 and August 16, 2024, involved purchasing over 10 million shares and