WazirX Sets Maintenance for Post-Hack Balance Fix: What to Expect?

WazirX has announced that it will undergo a maintenance shutdown from 6:00 PM on August 15 to 2:00 AM on August 16 (IST).

The temporary suspension will enable the crypto exchange to rectify balances and reverse trades during attack incidents.

This move comes amid a cyber assault on WazirX that saw the hackers swipe $234.9 million in cryptocurrency on July 18.

WazirX Enhances Security After Major Hack

To that end, WazirX acted quickly, blocked the stolen assets, and informed users of the issue. The exchange halted all withdrawals at 1 pm IST on the day of the hack to try to limit the damage.

They also conducted an internal probe into the cause of the breach. WazirX’s efforts are to regain users’ confidence and make the platform more stable.

Cyvers, a security firm, discovered the theft when Cybers noticed unauthorized transactions from WazirX’s Safe Multisig Wallet.

WazirX and the security partner Liminal have since been in a tussle regarding the vulnerability holder. Liminal defended that their platform was secure, and thus, the hackers must have used WazirX’s machines to achieve the breach.

WazirX said it would increase its security measures following these occurrences. Some moving assets to new multisig wallets need more than one signature from the authorized persons. This step is proposed to prevent such occurrences in the future, enhancing security.

WazirX Aims to Restore Hacked Account Balances

WazirX is more concerned with the financial imbalance created by the hack. It intends to correct the balances of the hacked accounts and undo the transactions made after the hack was detected. The above steps are necessary to ensure equal treatment for all the users involved in the breach.

Additionally, WazirX has vowed to create a list of new wallet addresses. This is in a bid to increase stakeholders’ confidence in the safety and soundness of their investments.

This information will be published so that users can check the measures taken by the website for themselves.

It is now even more complicated to track down the stolen funds as the hacker cashed out $150 million worth of stolen altcoins into Ethereum.

WazirX’s recent measures to enhance the security features and the active steps it has taken to address the concerned users also show that the exchange is putting its best efforts into containing and solving the crisis.

Market Reaction and User Sentiment

The market and WazirX users have paid close attention to how this exchange has handled this disaster. Users’ sentiments have been mostly reserved as they wait for the results of the maintenance that has been underway. The crypto community widely sees the outcome of this incident as the ability of decentralized platforms to cope with a stress test.

Although numerous issues would have made the situation messy, WazirX has been applauded for being very clear about the measures it has taken. Before the next maintenance window, stakeholders expect the actions taken to help bring back normalcy and make the platform more resistant to future vulnerabilities.