Future

2024

Bitcoin

WazirX

<p>The post <a href="https://coinpedia.org/news/wazirx-hack-update-how-the-230m-breach-is-shaping-the-future-of-indias-top-crypto-exchange/">WazirX Hack Update: Exchange Freezes Open Orders, Users Concerned</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>WazirX, one of the biggest cryptocurrency exchanges in India has made some serious moves after the <a href="https://coinpedia.org/crypto-live-news/breaking-wazirx-changes-user-balance-snapshot-date-to-the-date-of-hack/" target="_blank" rel="noreferrer noopener">$230 million hack</a> that transpired on the platform recently. As part of its continual operational recovery, the exchange <a href="https://x.com/WazirXIndia/status/1826224267526291854" target="_blank" rel="noreferrer noopener nofollow">declared</a> that all open orders on the platform had been deactivated. The decision made will be applicable to address the problems that relate to INR and crypto balances that were impacted by the breach.</p> 
<p>WazirX has informed users that any INR or crypto assets tied up in these deactivated orders will be returned to their accounts. This action is crucial for rebuilding trust and stabilizing the platform.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f44b.png" alt="👋" class="wp-smiley" style="height: 1em; max-height: 1em;"> tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.<br><br>This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto… <a href="https://t.co/G5zUyB36hN">pic.twitter.com/G5zUyB36hN</a></p>— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) <a href="https://twitter.com/WazirXIndia/status/1826224267526291854?ref_src=twsrc%5Etfw">August 21, 2024</a>
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<h2 class="wp-block-heading" id="h-investor-sentiment-shifts"><strong>Investor Sentiment Shifts</strong></h2> 
<p>Reactions from investors have been mixed. Some are hopeful that these steps will lead to a quick fix, while others are frustrated and worried about their funds’ security. This has led to a lively discussion, with some users questioning whether the exchange can recover all lost assets.</p> 
<p>Despite the concerns, WazirX assures users that it is actively working to resolve the situation. The exchange is collaborating with cybersecurity experts and law enforcement to identify those responsible and freeze any stolen assets.</p> 
<p>As WazirX deals with the aftermath of the hack, it remains focused on strengthening its security measures to prevent future incidents. The deactivation of open orders is just one part of its plan to stabilize and rebuild its user base.</p> 
<h2 class="wp-block-heading" id="h-awaiting-results-the-community-keeps-a-close-eye">Awaiting Results: The Community Keeps a Close Eye</h2> 
<p>The exchange has encouraged users to keep on waiting while they try to address this issue to its conclusion. As investigations and recovery continue, the crypto community will be keenly observing how WazirX is dealing with this clearly very difficult time.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/massive-55m-loss-how-a-simple-click-cost-a-crypto-whale-everything/" target="_blank" rel="noreferrer noopener">Massive $55M Loss: How a Simple Click Cost a Crypto Whale Everything!</a></p> 
<p><strong>Only time will tell if WazirX can recover from this major setback.</strong></p>

WazirX Hack Update: Exchange Freezes Open Orders, Users Concerned

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