It has been 26 days since WazirX suffered a major security breach, and users are still left in the dark regarding the fate of their funds.
The prolonged freeze on withdrawals has sparked widespread frustration, especially as users struggle to access their money during critical times.
Pushpendra Singh, co-founder of Pushpendra Tech, has once again urged WazirX to take immediate action. He highlighted the urgent need for the exchange to address three key issues:
1. Release 55% of Users’ Funds Immediately: With many users facing medical emergencies and other pressing financial needs, the partial release of funds could alleviate some of the immediate distress.
2. Address Urgent Needs: The extended delay in resolving this situation has left users unable to handle critical life events due to their inability to access their funds.
Dear @NischalShetty and WazirX Team,
It’s been almost a month, and WazirX users are still waiting for a response. We urgently need action on the following points:
1. Release 55% of Users' Funds Now: Many users are facing medical emergencies and need immediate access to their… pic.twitter.com/wVx27gqsDD
— Pushpendra Singh (@pushpendrakum) August 13, 2024
3. Prevent Missed Opportunities: The continued freeze on funds has caused users to miss out on potentially profitable trades, further compounding their frustration.
WazirX Released Update In Response To Public Demands
In response to the mounting pressure, WazirX finally issued an update, asking for continued support from its users while they work to resolve the issue. The exchange shared that they are nearing the completion of restoring balances for trades conducted between July 18 and July 21, 2024. This restoration will effectively undo all trades that took place on the platform following the suspension of withdrawals on July 18, at 1 PM IST.
👋 tribe! Here's an update on what we're actively working on:
» We are nearing the completion of restoring the balances for trades that happened between 18 and 21 July. This will undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July… pic.twitter.com/dptr6LHU5m
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 13, 2024
WazirX also mentioned that they are consulting with legal experts to develop a strategy for enabling withdrawals and are actively collaborating with security professionals to track the stolen funds through their Bounty Program. The exchange is in discussions with multiple partners to explore all possible solutions to mitigate the financial impact of the cyberattack, with progress being made with seven partners.
While WazirX’s update offers some hope, users continue to wait anxiously for a concrete resolution that will allow them to regain control of their funds.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Max Bender/Unsplash // Image Effects by Colorcinch
