Almost a month after the massive hack of the WazirX exchange that resulted in the loss of Rs 2000 crore ($234 million) of investor’s money, the exchange has finally restored the accounts of investors however there is no clarity when they will allow the withdrawal of funds.
In a recent update, WazirX has claimed the successful completion of its scheduled maintenance at 2 am on August 16, after suspending all operations on their platform. The exchange also confirmed that all trades made after the withdrawal stoppage at 1 PM IST on the 18th of July (the day of hacking) have been undone.
Post the maintenance, users are now able to “see” their funds, after a month-long limbo period. However, the fund withdrawal option is still not available for thousands of WazirX investors.
The new development has failed to soothe the nerves of angry investors who have been demanding immediate withdrawal of their funds. Initially, WazirX had proposed a socialistic loss sharing of 55/45, which was met with vehement protests by investors.
On July 18, WazirX experienced a massive hack on one of its multi-sig wallets that contained over 45% of total investor funds amounting to a staggering $234 Million. Left with only 55% of customer funds, WazirX is now facing a dilemma on how to return all the investor funds. The exchange has not provided any clarity of how much money investors have lost in what proportion.
- Why WazirX can freeze your account and withhold your money?
The Crypto Times had earlier reported that the ‘’terms of use” user agreement policy sub-clause 10.2 of the WazirX exchange allows them to indefinitely terminate/suspend users’ accounts and decline to process any deposit or withdrawal without even giving prior notice.
Also Read: Thousands of WazirX Hack victims unite on X Space for Justice
