Indian cryptocurrency exchange WazirX has announced that it will reverse all trades executed on its platform between July 18 and July 21, 2024, due to a major security breach. This significant decision comes after the exchange experienced a severe cyberattack on July 18, which disrupted trading activities and raised concerns among users.
The security breach, which resulted in a staggering $230 million in losses, led WazirX to halt all withdrawals from its platform. In response to the incident, the company has decided to revert all user portfolios to their status as of July 18, 2024, at 1 PM IST, the time when the platform initially suspended withdrawal operations.
WazirX’s decision to reverse trades aims to address the discrepancies and ensure fairness among users affected by the breach. The move reflects the company’s commitment to rectifying the impact of the cyberattack and restoring confidence among its user base. By resetting all portfolios to their pre-breach state, WazirX hopes to mitigate the negative effects experienced by its customers due to the unauthorized activities.
The exchange has assured its users that it is taking all necessary steps to enhance security and prevent future breaches. As WazirX works to address the aftermath of the attack, it remains focused on safeguarding its platform and rebuilding trust within the cryptocurrency community.
I am Aparna Sahu
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