WazirX, an India-based cryptocurrency exchange, has returned online after a maintenance break that was well below 24 hours. The maintenance, which occurred between August 15 at 6 pm IST and August 16 at 2 am IST, was aimed to restore account balances and undo WazirX paused withdrawals on July 18 after the platform fell victim to a significant hack that cost the platform and its users over $230 million.
Despite the successful completion of the maintenance, many users expressed concerns over the continued suspension of INR withdrawals. Although WazirX announced that it had completed the necessary updates, users quickly responded with inquiries about the status of their funds. To date, the exchange has not addressed these concerns directly, making most users concerned about reopening withdrawals.
Also Read: WazirX Faces Security Breach as $235 Million in Funds Moved Suspiciously
The WazirX Hack and the Subsequent Events
The attack of July 18 has been characterized as one of the biggest hacks of an Indian cryptocurrency exchange. In response, WazirX acted quickly and stopped all the withdrawals so the loss did not increase. The maintenance, which began on August 15, was aimed at correcting the unauthorized trades and account balances, which remains a sign that the exchange is working hard to open the business entirely.
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But as of now, the latest updates from WazirX are that there remains no official deadline for INR withdrawals to become functional again. This has made users doubt the platform’s recovery process since the Company has not communicated this vital issue as required.
The exchange is still working to reverse its fortunes, and the recent completion of maintenance indicates that headway is being made. However, the fact that it is still impossible to withdraw money proves that the platform is still recovering after the exploit. The users are waiting for further information from WazirX regarding when they will be allowed to access their money.
Conclusion
In conclusion, while WazirX has made strides in addressing the issues caused by the July 18 exploit, the exchange still faces challenges in fully restoring user confidence. The resumption of INR withdrawals remains a critical step in this process, and users are hoping for prompt action from the platform.
Also Read: WazirX Launches $23 Million Bounty Program to Recover Stolen Crypto Assets
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.