Indian cryptocurrency exchange WazirX will cancel all transactions made on the platform after hacking for $230 million and blocking the withdrawal of funds on July 18.
📢 Important Update:
We are actively listening to your feedback and taking decisive action to address your concerns! After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo… pic.twitter.com/Bmp6GqvPfr
The balances of WazirX customers in fiat and cryptocurrencies will be restored to the levels at 13:00 IST on July 18. The exchange will notify you of all changes by e-mail. The rollback process will take place "over the next few days."
"This difficult decision is aimed at protecting the integrity of our platform and ensuring a fair outcome for users after a failure resulting from a cyber attack," the statement said.
On that day, the exchange was subjected to an exploit, as a result of which hackers illegally withdrew assets worth more than $230 million from a multisig wallet on Ethereum. WazirX suspended the withdrawal of funds and launched an investigation.
Elliptic experts have concluded that North Korean hackers are behind the hacking.
On July 27, the exchange team proposed a "fair and transparent social loss strategy" by launching a survey via social networks. The initiative provides for instant access to 55% of lost assets and the possibility of further compensation for "those who prefer to wait."
The plan has been criticized by community members.
"Forcing customers to absorb 45% of losses directly is complete nonsense. The survey options are also formulated in such a way as to primarily protect businesses, not customers," CoinDCX co—founder Sumit Gupta wrote at the time.
Recall that in July, crypto projects lost $ 278.8 million due to the actions of intruders, and the incident with WazirX provided most of the total damage.