WazirX, a leading cryptocurrency exchange in India, has provided an update to its users following a recent security breach that resulted in the theft of over $230 million from one of its multisig wallets. The exchange is currently focused on resolving issues related to both INR and crypto balances, emphasizing that these solutions require ongoing legal analysis.
Key Points from WazirX’s Update
1. Focus on Two Main Issues
WazirX is working on finding a solution for users’ INR balances, which the breach has impacted. The exchange is also addressing issues related to crypto balances, ensuring that users’ digital assets are accounted for and secured.
2. Legal Considerations
The solutions for both INR and crypto balances require detailed legal analysis, which is currently in progress. WazirX highlighted the importance of this legal scrutiny to ensure that any actions taken are compliant and secure.
3. Communication and User Patience
WazirX urged users to remain patient and not to panic, stressing that hasty decisions could lead to further delays in resolving the issues. The exchange acknowledged the frustration among its users but requested more time to develop effective solutions.
4. Ongoing Efforts and Security Enhancements
WazirX is nearing the completion of reversing trades made between July 18 and July 21, following a halt in withdrawals. The exchange also mentioned that it has received 344 bounty entries as part of its efforts to address the security breach and recover stolen funds.
User Concerns and WazirX’s Response
Despite WazirX’s efforts, many users remain concerned about the slow response in enabling withdrawals, fearing for the safety of their funds. The platform’s prolonged inability to restore normal operations has led to increasing pressure from users who are demanding immediate access to their assets.
WazirX assured its customers that they are working diligently to bring clarity as soon as possible and cautioned that drastic actions could further delay the recovery process. The exchange reiterated its commitment to resolving these issues and restoring trust among its user base.
As WazirX continues to navigate the complexities of the cyberattack’s aftermath, the exchange is focused on balancing legal compliance with the urgent need to restore normalcy for its users.
