WazirX restores balances after hack, timeline for withdrawal unclear.

Almost a month after the launch of the Wazirx exchange, $234 million worth of investor funds went missing from the wallets of Indian crypto exchange Safe MultiSig, the platform has restored investor balance.

Despite this progress, there is still a lack of clarity on when users will be able to withdraw their money, leaving many frustrated and anxious.

In the year In an update on August 16, WazirX stated that they are working on two main issues: finding a solution for Indian Rupee (INR) balances and resolving issues related to cryptocurrency balances.

According to the company, these solutions require continuous legal analysis, and they are waiting for the confirmation of the partners who will help to solve these issues.

WazirX maintenance is over

In an earlier post on August 16, WazirX announced that it had successfully completed a scheduled maintenance that began at 2 a.m. The fix was followed by a suspension of all operations on their platform.

All trades that took place after withdrawal was suspended on July 18 at 1:00 PM IST, the exchange confirmed that the hack date has been changed. Following this fix, users can now see their funds in their accounts after almost a month of uncertainty.

The lack of a clear time frame for disbursing the funds failed to appease angry investors, who are demanding immediate access to their funds. The exchange's original proposal of a 55/45 socialist loss-sharing model met with strong opposition from investors, exacerbating the issue.

Industry response

The July 18 hack targeted one of Wazirx's multi-signature wallets, which held more than 45% of investors' funds, a staggering $234 million. With 55% of customer money remaining, WazirX is now facing a huge challenge in returning all investors' funds.

Related: Top 100 DeFi Hacks: Offchain Attack Vectors Cover 57% of Losses

Lack of transparency and inability to withdraw funds has led to growing dissatisfaction among WazirX users. Several investors took to social media to express their frustration and demand immediate action.

Meanwhile, India's Bharat Web3 Association (BWA) has strengthened its commitment to cyber security and consumer protection in the crypto space following the devastating hack on WazirX.

As WazirX grapples with the difficult situation, the Binance mobile app is once again available for download on the Google Play Store and Apple App Store in India after a seven-month ban linked to regulatory oversight.

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