News Scrap

The WazirX team confirmed that they purchased & sold the customers’ remaining funds to compensate for the particular token loss they faced in the cyber attack four months ago.

WazirX was the most popular crypto trading platform among Indian crypto traders, but four months ago, this exchange suspended all its crypto-related services for the customers as the exchange faced a hacking incident & lost nearly 50% of customers’ funds.

On 13 Dec 2024, The WazirX team informed the WazirX customers that they are currently rebalancing the Crypto assets, mainly those that were hacked in the cyber attack.

They confirmed that people can find some significant number of transactions in between the cold crypto wallets, in which WazirX holds customers’ funds.

After the completion of this rebalancing & wallet management work, the WazirX team will give an update officially.

📢 Update on Asset Rebalancing

We are currently in the process of rebalancing tokens. As part of this, you may notice fund movements between various cold wallets. The temporary consolidation of assets is a necessary step before final allocations to secure cold wallets.

Once the… pic.twitter.com/JdJPCeI3Rs

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 13, 2024

A popular Indian crypto influencer raised questions against WazirX’s decision and asked how they could do this without customers’ consent & court order.

Wazirx announced that they are selling & buying tokens to Rebalance Hacked Tokens.

They Sold part of remaining assets to Buy hacked coins like SHIB, PEPE, ETH, FLOKI & Others as you can see below is the pic – Number matches with Hacked Amount.

But – Based on their past… pic.twitter.com/rpva6dRcA7

— Aditya Singh (@CryptooAdy) December 13, 2024

Many people noted that this decision was illegal & the WazirX team should ensure compliance with all the measures properly, as court approval is still very far. However, a crypto X user said that now the WazirX leadership should take another turn to give choice for the WazirX customers to release the funds back so that customers can benefit from this bull run.

After this illegal rebalancing, #WazirX should take a good step for its users by giving choice and immediately locking the tokens number.

This would allow users to fully benefit from the bull run with whatever small amount remains.

— Justice for WazirX Users (@IndiasCrypto) December 13, 2024

WazirX coin price action

Following this news the trade price of the $WRX coin, the native token of the WazirX crypto exchange, surged by nearly 9% within 30 minutes.

Here, we can say that the latest announcement regarding funds rebalancing by the WazirX team injected a better level of positivity & hope among the WazirX customers.