WazirX, the Indian crypto exchange, has restored investor balances nearly a month after a devastating hack led to the loss of $234 million from its Safe Multisig wallet. While this move brought some relief, the platform has yet to clarify when users can withdraw their funds, leaving many frustrated and anxious.
On August 16, WazirX announced they were addressing two critical issues: resolving Indian Rupee (INR) balances and addressing cryptocurrency balance concerns. The exchange mentioned that these solutions are under legal review, and they are awaiting confirmation from partners who can help resolve the issues.
Earlier the same day, WazirX completed scheduled maintenance, which followed a suspension of all platform operations. The exchange reversed all trades made after the July 18 hack, allowing users to see their funds in their accounts after nearly a month of uncertainty.
However, the lack of a clear timeline for fund withdrawals has only intensified investor anger. WazirX initially proposed a controversial 55/45 loss-sharing model, which was met with strong opposition.
The July 18 hack targeted one of WazirX’s multisignature wallets, compromising 45% of total investor funds. With just 55% of customer funds remaining, WazirX faces a significant challenge in returning all investor funds. The ongoing lack of transparency and withdrawal delays have led to growing dissatisfaction among users, who are demanding immediate access to their money.
As WazirX grapples with these issues, India’s Bharat Web3 Association (BWA) has reaffirmed its commitment to enhancing cybersecurity and consumer protection in the crypto space. Meanwhile, Binance’s mobile app has become available again in India after a seven-month suspension, following regulatory concerns.
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