WazirX Takes Controversial Action After $230 Million Hack, Cancels All Open Orders
WazirX, one of India’s largest cryptocurrency exchanges, is taking significant steps to recover from a recent $230 million hack. As part of its ongoing operational recovery, the platform has announced the deactivation of all open orders, aiming to address issues related to both INR and crypto balances affected by the breach.
In the aftermath of the hack, WazirX’s latest update informed users that all existing open orders on the platform would be cancelled. The assets tied up in these orders, including INR and cryptocurrencies, will be returned to users’ respective balances. This move is a part of WazirX’s continued efforts to resolve the complications arising from the security breach.
The decision is expected to help the WazirX team restore confidence among the customers, who have been anxiously awaiting updates following the hack. The WazirX team expressed gratitude for users’ patience and support during this challenging period.
Crypto community response
The latest decision by the WazirX team has further angered users who were expecting better outcomes. WazirX users are demanding greater transparency from the exchange. The community is calling for a detailed report, including a breakdown of stolen and remaining crypto, disclosure of wallet addresses, and information on surplus holdings and INR assets. Additionally, they seek details on institutional crypto holdings and an update on the prolonged withdrawal issues, which have remained unresolved for over a month. Users are growing increasingly frustrated with the lack of transparency and timely updates from WazirX.
At present, WazirX users are losing hope, as it has been over 30 days without any announcement regarding fund returns. Instead, they are raising questions against the crypto custody service providers.
Wazirx (WRX) token price action
The trade price of WRX, native token of WazirX Crypto exchange, $0.15. This price is strangely 22.8% high over the last 30 days period.
