WazirX announced that all trade which took place on their platform after the cyber attack of July 18 have been made ineffective.
In a blogpost on Thursday the crypto exchange noted that they will begin undoing all trades on the platform after they stopped withdrawals at 1 pm on July 18, 2024, and restore all balances of all accounts to what they were before that time.
The hack
The first reports on WazirX’s $234.9 million hack surfaced on July 18, with the Web3 security firm Cyvers detecting “multiple suspicious transactions” involving WazirX’s Safe Multisig wallet on Ethereum.
This is one of the biggest crypto attacks in recent years which siphoned a significant portion of the crypto exchange’s digital assets. WazirX suspended withdrawals immediately after the news of the hack broke, however the exchange continued to allow trade on its platform for the next three days before suspending trade as well.
As of now trade continues to be suspended on the platform as WazirX is exploring solutions including likely partnerships with other exchanges to inject lost cash back into the exchange and restart operations.
“All users will have their portfolio balances on the WazirX platform restored to what they were at 1 pm on July 18, 2024. This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades,” the blogpost noted.
WazirX said the decision aims to protect the integrity of the platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyber attack.
Sources at the company told businessline it took nearly two weeks to negate trades because the company had to ensure the security of the remaining wallets and secure them before taking further action.