The post WazirX Hack Update: How the $230M Breach is Shaping the Future of India’s Top Crypto Exchange appeared first on Coinpedia Fintech News
WazirX, one of the biggest cryptocurrency exchanges in India has made some serious moves after the $230 million hack that transpired on the platform recently. As part of its continual operational recovery, the exchange declared that all open orders on the platform had been deactivated. The decision made will be applicable to address the problems that relate to INR and crypto balances that were impacted by the breach.
The announcement contained in the statement made by WazirX to its users stated that any INR or crypto assets that have been locked in the mentioned open orders will be credited back to the user’s balance. It is considered a much-needed development in light of the fact that it would help the platform gain back the users’ confidence and become more stable.
Community voices and concerns
The general attitude, or, as it is called by experts, the sentiment of investors on social networks also oscillated. While some are optimistic that the actions of the platform will result in a quick solution, others are irate and concerned about the security of their funds. It has aroused a heated discussion, and some users are even doubtful about whether the exchange can recover 100% of the lost funds.
However, these instances have raised concerns, WazirX has given its users assurance that it is still in the process of sorting out the problem. It is in this capacity that the exchange is still collaborating with cybersecurity professionals and law enforcement to find out the culprits and to freeze unlawful assets.
Even as WazirX is in the process of dealing with the consequences of the hack, the company is adamant about building on its security and ensuring that there will not be a reoccurrence of the same. The removal of the open orders is only one of the many steps needed to stabilize and rebuild the existing clientele base.
The exchange has encouraged users to keep on waiting while they try to address this issue to its conclusion. As investigations and recovery continue, the crypto community will be keenly observing how WazirX is dealing with this clearly very difficult time.
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