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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/16/2024

WazirX Restores User Balances After Hack, Withdrawal Timeline Still Unclear

Withdrawal delays have hurt retail investors and raised fresh concerns about the security and reliability of crypto exchanges. Nearly a month after the massive hack that drained $234 million from WazirX's Safe Multisig wallet, the Indian crypto exchange has restored user balances on the platform. Despite the progress, no clear timeline has been given for when users can actually withdraw their funds, leaving many frustrated and anxious. WazirX Update On

WazirX Restores User Balances After Hack, Withdrawal Timeline Still Unclear

Withdrawal delays have hurt retail investors and raised fresh concerns about the security and reliability of crypto exchanges.

Nearly a month after the massive hack that drained $234 million from WazirX's Safe Multisig wallet, the Indian crypto exchange has restored user balances on the platform.

Despite the progress, no clear timeline has been given for when users can actually withdraw their funds, leaving many frustrated and anxious.

WazirX Update

On August 16, WazirX said it was working through two key issues: finding a solution for Indian Rupee (INR) balances and resolving matters related to crypto balances.

According to the company, both solutions require ongoing legal analysis, and the exchange is awaiting confirmation from partners who can help address these issues.

WazirX Maintenance Completed

In an earlier post on August 16, WazirX announced that its scheduled maintenance had been completed, beginning at 2:00 AM. The maintenance followed a full suspension of all platform activity.

The exchange confirmed that all trades executed after withdrawals were halted at 1:00 PM IST on July 18 — the day of the hack — have been reversed. Following the maintenance, users can now see their balances in their accounts after nearly a month of uncertainty.

The lack of clarity around withdrawal timelines has done little to calm angry investors, who have demanded immediate access to their funds. The situation was made worse by the exchange's initial proposal of a 55/45 loss-sharing model, which drew fierce backlash from users.

Industry Reaction

The July 18 hack targeted one of WazirX's multisig wallets, which held more than 45% of total user funds — amounting to a staggering $234 million. With only 55% of customer funds remaining, WazirX now faces the enormous challenge of making users whole.

The lack of transparency and continued difficulty with withdrawals have fueled growing frustration among WazirX users. Many investors have taken to social media to voice their anger and demand immediate action.

Meanwhile, India's Bharat Web3 Association (BWA) has doubled down on its commitment to strong cybersecurity and consumer protection in the crypto space following the devastating WazirX hack.

As WazirX grapples with its situation, the Binance mobile app has once again become available for download in India via the Google Play Store and Apple App Store, after a seven-month suspension tied to regulatory compliance issues.