WazirX breaks silence after 6 days, releases key update on user balances

Indian crypto exchange WazirX has finally broken the six-day silence with a recent tweet. The exchange has laid out key updates on what the exchange is currently working on.

WazirX has released a tweet recently outlining the key updates the exchange is currently working on. The exchange mentioned that they are nearing the completion of restoring the balances for trades that happened between July 18 and 21.

“This will undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July 2024, at 1 PM IST,” the exchange wrote.

Speaking about other updates, the Indian crypto exchange mentioned that they are working with legal experts to help formulate an effective way to enable withdrawals. In regards to their bounty program, they have received entries from 344 bounty hunters.

???? tribe! Here's an update on what we're actively working on:

» We are nearing the completion of restoring the balances for trades that happened between 18 and 21 July. This will undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July… pic.twitter.com/dptr6LHU5m

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 13, 2024

WazirX mentioned that these security professionals and ethical hackers are actively following the stolen funds to find a lead. Additionally, the exchange mentioned that they are in touch with multiple partners to explore solutions to minimize the financial impact of the hack. As per the details shared, the exchange is in discussion with seven partners, with steady progress.

WazirX’s silence triggers crypto community

The update comes after almost six days of inactivity without any updates, which had triggered the crypto community on X.

The last update was on August 8, where WazirX released a tweet stating that all users will have their portfolio balances restored to what they were on July 18, 2024, at 1 PM IST.

However, the exchange’s silence over the past six days triggered a reaction from the crypto community on X. X user Engineer Xplains accused the exchange of making excuses to kill time. He posed a series of questions, including why the exchange hasn’t started operating, why withdrawals are not enabled yet, and why there is not a single update on withdrawals.

WazirX co-founder asks for patience during this tough time

As the exchange is facing backlash for their slow progress in coming to a resolution, WazirX co-founder asks the community to bear with them.

In a recent tweet, Nischal stated, “These efforts take time, please bear with us as we navigate through this difficult period.” Earlier on August 6, Nischal posted a tweet stating that an FIR (First Information Report) had been filed to investigate the hack.

WazirX fell victim to a hack on July 18, 2024. The exploit witnessed the loss of over $230 million worth of crypto. Following the incident, the exchange paused trading and withdrawals, which led to the backlash from its users.