Indian crypto exchange WazirX is reversing all trades and restoring customer balances after the platform was hacked to the tune of hundreds of millions of dollars in July.
In a new thread on the social media platform X, WazirX says that after listening to the community, it has decided to roll back all trades made after the stoppage of withdrawals last month and restore all associated account balances.
“All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July 2024, 1 PM IST. This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades.”
According to WazirX, the decision was made to protect the integrity of its network as well as have an equitable outcome for users.
Last month, blockchain tracking firm Lookonchain found that the crypto exchange was hacked and lost over $230 million worth of crypto assets, including smart contract platform Ethereum (ETH), top stablecoin Tether (USDT), layer-2 scaling solution Polygon (MATIC), metaverse gaming token Gala (GALA) and memecoins Shiba Inu (SHIB) and Pepe (PEPE).
At the time, Lookonchain reported that the hacker was in the process of dumping the tokens and had already sold the stolen stash of SHIB and PEPE.
The hack prompted the crypto exchange to offer a 10% white hat bounty, or $23 million, to whoever can track down the stolen funds.
According to crypto sleuth ZachXBT, the hack appears to be traceable to North Korea’s notorious crypto hacking organization The Lazarus Group.
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