Indian cryptocurrency exchange WazirX has announced plans to reset all user account balances to their state as of July 18, following a massive $230 million cyberattack.
The Mumbai-based exchange paused trading after the incident. The attack, attributed to the North Korean Lazarus Group, compromised nearly half of WazirX’s reserves, marking India’s largest crypto heist.
WazirX Resets Balances After $230 Million Cyberattack
In an announcement on August 8, WazirX revealed that all trades made after July 18 will be reversed. Officials stated this step is essential to ensure fair treatment for all users affected by the attack.
The restoration process will take place over the next few days. Users will receive email notifications with details of the reversed trades. This will affect both cryptocurrency and Indian rupee (INR) balances, undoing all crypto-to-INR and INR-to-crypto transactions made during the impacted period.
“We are constrained to restore the balances of all accounts and undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July 2024, 1 PM IST,” the exchange announced.
Currently, all trading and withdrawal activities on WazirX are suspended. The suspension will remain until the restoration process is complete, although no specific timeline has been provided.
