WazirX Nears Completion of Trade Balance Restoration Post-Cyber Attack

• WazirX is close to completing the restoration of trade balances following the July cyberattack, undoing trades after the July 18 withdrawal halt.
• The exchange collaborates with legal experts to develop a safe method for enabling withdrawals, ensuring secure user access to restored funds.
• Over 344 bounty hunters, including security professionals, have joined WazirX’s Bounty Program to recover the stolen $230 million.

WazirX has made significant progress in restoring the balances of trades that occurred between July 18 and 21, 2024, following a massive cyberattack. The exchange announced that the restoration process is nearing completion and will reverse all trades made after withdrawals were halted on July 18 at 1 PM IST. This step is part of WazirX’s broader effort to rectify the situation after $230 million was stolen from the platform.

Legal Experts Aid in Withdrawal Plans

Despite the nearing completion of the balance restoration, WazirX users may still have to wait before they can access their funds. The exchange is currently collaborating with legal experts to devise an effective method for enabling withdrawals. This ongoing process aims to ensure that users can safely and securely access their restored balances without further complications.

Bounty Program Attracts Cybersecurity Experts

However, to get back the stolen money, WazirX launched a Bounty Program, which has so far received much traffic. Currently, 344 bounty participants, experts-secured security researchers and ethical hackers, have come on board. 

These experts are on a constant look to try and follow the value that has been stolen and help in the recovery of the same. The Bounty Program underlines WazirX’s determination to do everything possible to prevent the consequences of the attack.

Collaborations with Industry Partners

It is also not a secret that WazirX is also in ongoing discussions with several partners from the crypto industry about possible ways to overcome the financial issues arising due to the cyberattack.

 At the moment, the negotiations are with seven partners and the exchange is gradually advancing in the search of integrated strategies satisfying enough to minimize the losses. Such associations are very important in future assistance to WazirX to overcome the consequences of the attack and further uninterrupted functioning.

Steady Progress Amidst Challenges

While WazirX is also actively involved in these recovery attempts, its CEO Nischal Shetty urged its users’ patience. The exchange is in a rather delicate and somewhat difficult-to-manage position but much is being done. In making sure that user confidence is achieved and the future of WazirX is guaranteed, it is evident that WazirX showed a willingness to work with other industry experts coupled with the provision of the right information.