The post WazirX to Begin Restoring User Balances, Withdrawals Remain Suspended appeared on BitcoinEthereumNews.com.

Coinspeaker WazirX to Begin Restoring User Balances, Withdrawals Remain Suspended On August 8, 2024, WazirX announced that it is beginning the process of restoring user account balances following a cyberattack on July 18. This measure aims to address the disruptions caused by the massive security breach. Restoration Process In response to the July 18 cyberattack, WazirX has rolled out a detailed restoration plan to address the issues faced by its users and ensure fair treatment across the platform. Firstly, all trades conducted after 1 PM IST on the day of the attack will be reversed. This means any cryptocurrency or INR transactions made after this time will be undone, restoring users’ portfolios to their state before the cyberattack began. The platform aims to remove the impact of the compromised trades and correct any discrepancies in account balances. Alongside this, WazirX will also reverse any fees and referral bonuses linked to the trades executed between July 18 and July 21. This includes refunds for trading fees and referral incentives earned during the affected period. Users will also see credits for any tax deductions associated with these transactions. Deposits made within the compromised timeframe will be reviewed and addressed in forthcoming updates. Trades conducted during this period will be canceled, and affected users will be informed through detailed email notifications outlining the specific trades and adjustments made to their accounts. 📢 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 — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 8, 2024 During the restoration, trading, and withdrawal functions will remain suspended to facilitate a smooth and accurate process. This…

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Filed under: News - @ August 9, 2024 12:16 am