Indian Cryptocurrency Exchange WazirX Plans Maintenance to Rectify Recent Issues
Indian cryptocurrency exchange WazirX has recently announced an upcoming maintenance period aimed at restoring account balances and reversing certain transactions. This decision comes in the wake of a failed recovery plan following a significant hack that resulted in the loss of $230 million worth of cryptocurrency.
The company’s main objective with this maintenance is to address the concerns of users who have been unable to access their funds for nearly a month.
Restoring User Balances and Uncertain Withdrawals
WazirX has scheduled maintenance from 6:00 PM IST on August 15th to 2:00 AM BST on August 16th in order to restore balances on all accounts and reverse a withdrawal stop that occurred on July 18, 2024. By the end of this period, user balances are expected to revert to their status as of 1 PM IST on July 18, 2024.
While WazirX has promised to ensure fair outcomes for users by reversing transactions, the exchange has not yet confirmed if withdrawals will resume after the maintenance process is completed.
Users affected by the maintenance will receive detailed emails regarding any transactions that have been reversed during this period.
Ongoing Challenges and Community Response
Despite the exchange’s efforts to restore balances, there have been complaints from users regarding delays in resolution and a lack of transparency in the recovery process. The community has expressed frustration over the ongoing challenges faced by WazirX.
Additionally, some users have criticized the exchange for what they perceive as tactics to further delay resolving the issues, such as lengthy maintenance periods.
The aftermath of the hack on July 18 has seen significant backlash, with over 15,000 Ethereum and various tokens being drained from WazirX’s wallets, affecting 45% of customer funds. Post-hack reports have highlighted discrepancies in data displayed by the exchange’s hosting provider, Liminal, leading to further scrutiny.
Future Steps and Recovery Efforts
WazirX has faced criticism for its proposed recovery plan, which includes distributing losses among all users and granting immediate access to 55% of users’ portfolios. This plan has been met with backlash from the community, who have deemed it unfair. The exchange continues to work on its recovery efforts, including cooperation with legal experts and law enforcement agencies.
As the exchange navigates through the aftermath of the hack, questions remain regarding the full extent of the impact and the steps needed to fully restore user trust. Investigations into the hack, including speculation about involvement from external groups, add to the complexity of the situation.
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