The WazirX team recently made a significant announcement regarding the rebalancing of customers’ funds following a cyber attack that occurred four months ago. The popular Indian crypto trading platform faced a hacking incident that resulted in the loss of nearly 50% of customers’ funds, leading to the suspension of all crypto-related services for customers.
On December 13, 2024, the WazirX team confirmed that they are currently rebalancing the crypto assets, particularly those that were affected by the cyber attack. Customers may notice fund movements between various cold wallets as part of this rebalancing process. Once the rebalancing and wallet management work is completed, the WazirX team will provide an official update.
However, the decision to purchase and sell customers’ remaining funds to compensate for the token loss faced backlash from a popular Indian crypto influencer. Questions were raised about how WazirX could make such a decision without customers’ consent or a court order. Many people believed that this action was illegal and urged the WazirX team to ensure compliance with proper measures before proceeding.
Despite the controversy surrounding the decision, some users suggested that WazirX should give customers the option to release their funds back so they can benefit from the current bull run in the crypto market. The debate sparked discussions on social media platforms, with some users calling for justice for WazirX customers.
Following the news of the fund rebalancing, the price of the $WRX coin, the native token of the WazirX exchange, surged by nearly 9% within 30 minutes. This announcement injected a sense of positivity and hope among WazirX customers, who are eagerly awaiting further updates from the exchange.
In conclusion, the WazirX team’s decision to rebalance customers’ funds has sparked mixed reactions within the crypto community. While some believe it is necessary to address the losses from the cyber attack, others are concerned about the legality and implications of such actions. As the situation continues to unfold, WazirX customers are advised to stay informed and monitor updates from the exchange.