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WazirX

Nearly a month after a massive hack rocked the WazirX exchange, resulting in the loss of $234 million of investors’ funds in the Indian crypto exchange’s Safe Multisig wallet, the platform has restored investor balances.&nbsp;
Despite this progress, there is still no clarity on when users will be able to withdraw their funds, leaving many frustrated and anxious.
In an update on Aug. 16, WazirX <a data-ct-non-breakable="null" href="https://x.com/WazirXIndia/status/1824376139030380780" rel="noopener noreferrer nofollow" target="null" text="null">stated</a> they are working on two main issues: finding a solution for Indian Rupee (INR) balances and resolving issues related to cryptocurrency balances.
According to the company, these solutions require ongoing legal analysis, and they are awaiting confirmation from partners who can assist in resolving these issues. 
<h3 id="wazirx-maintenance-over">WazirX maintenance over</h3>
In an earlier post on Aug. 16, WazirX <a data-ct-non-breakable="null" href="https://x.com/WazirXIndia/status/1824231258622398534" rel="noopener noreferrer nofollow" target="null" text="null">announced</a> the successful completion of its scheduled maintenance, which began at 2 am. The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-maintenance-restore-balances-post-hack" rel="noopener noreferrer nofollow" target="null" text="null">maintenance followed a suspension</a> of all operations on their platform.&nbsp;
The exchange confirmed that all trades made after the withdrawal stoppage at 1 pm IST on July 18, the day of the hacking, have been reversed. Following this maintenance, users are now able to see their funds in their accounts after nearly a month of uncertainty.
The lack of a clear timeline for fund withdrawals has failed to appease angry investors, who have been demanding immediate access to their funds. The situation has been worsened by the exchange’s initial <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-socialized-loss-strategy-230m-hack" rel="noopener noreferrer nofollow" target="null" text="null">proposal of a socialistic loss-sharing</a> model of 55/45, which was met with strong opposition from investors.
<h3 id="industry-response">Industry response</h3>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="noopener noreferrer nofollow" target="null" text="null">The hack on July 18 </a>targeted one of WazirX’s multisignature wallets, which contained over 45% of total investor funds, amounting to a staggering $234 million. With only 55% of customer funds remaining, WazirX is now facing a significant challenge in returning all investor funds.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/top-100-de-fi-hacks-offchain-attack-vectors-account-for-57-of-losses" rel="noopener noreferrer nofollow" target="null" text="null">Top 100 DeFi Hacks: Offchain attack vectors account for 57% of losses</a>
The lack of transparency and the ongoing inability to withdraw funds have led to growing dissatisfaction among WazirX users. Many <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-backlash-socialized-losses-plan-230m-hack" rel="noopener noreferrer nofollow" target="null" text="null">investors have taken to social media</a> to express their frustration and <a data-ct-non-breakable="null" href="https://x.com/ImZiaulHaque/status/1824409059480703228" rel="noopener noreferrer nofollow" target="null" text="null">demand</a> immediate action.&nbsp;
 Meanwhile, India’s Bharat Web3 Association (BWA) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bharat-web3-association-cybersecurity-wazirx-hack" rel="noopener noreferrer nofollow" target="null" text="null">stepped up its commitment</a> to robust cybersecurity and consumer protection in the crypto space following the devastating hack on WazirX.
As WazirX struggles with its predicament, Binance’s mobile app is once again&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-india-relaunch-fiu-registration" rel="noopener noreferrer nofollow" target="null" text="null">available for download</a>&nbsp;in India via the Google Play Store and Apple App Store after a&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/google-play-store-removes-binance-others-in-response-to-indian-fiu-notice" rel="noopener noreferrer nofollow" target="null" text="null">lengthy seven-month suspension</a>&nbsp;related to regulatory adherence.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-sec-turbo-toad-phishing-attack-and-evolve-data-breach/" rel="noopener noreferrer nofollow" target="null" text="null">Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K</a>

WazirX restores balances post-hack, withdrawal timeline unclear

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