WazirX Nears Completion of Plan to Restore User Balances After $230 Million Hack

WazirX, the cryptocurrency exchange that was recently hacked, has provided an update on its efforts to restore user balances for trades conducted between July 18 and 21.

This recovery plan was set into motion on August 8 after a backlash against WazirX’s proposed “socialized loss strategy,” which would have required users to share the impact of the $230 million theft from the platform.

According to a recent post, WazirX is close to finalizing its plan to reverse all trades executed after the exchange suspended withdrawals on July 18.

However, users may face delays in accessing their restored funds as the exchange continues to collaborate with legal experts to establish a secure withdrawal process.

READ MORE:

Is BlackRock About to Launch its Very Own Blockchain?

WazirX has also launched a bounty program, which has garnered submissions from 344 bounty hunters, including security experts and ethical hackers, to track the stolen funds.

The exchange is working with seven industry partners to find ways to address the financial repercussions of the hack and has reported steady progress in these discussions.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.