While the Indian cryptocurrency exchange WazirX is down for repair, account funds will be restored and some trades will be fixed. This comes after a big security breach. Maintenance by WazirX will start at 6 p.m. IST on August 15 and go until 2 a.m. IST on August 16. Every platform service will be briefly turned off during this time.
In the July 18 hack, digital cash worth $234.9 million was taken. The breach was first discovered when strange transactions were connected to WazirX’s Safe Multisig wallet on Ethereum, according to Web3 security company Cyvers. After this event, steps were taken right away to protect the assets that were still there and deal with the impact.
So, WazirX will cancel deals that happened after 1:00 PM IST on July 18 and give users’ money back to lessen the financial impact. Also, the market is working to make its safety better. A list of the new wallet addresses will be made public as soon as the move is complete.
Thursday, August 14, WazirX announced that it is moving Liminal’s last funds to safer new multisignature wallets. WazirX’s wallet has six accepted signers, which means that transactions need to be signed by more than one person.
The hacker also changed almost $150 million in stolen money into Ether so that the assets wouldn’t be frozen or banned. People are paying more attention to what’s going on, and some are wondering if the planned maintenance is really needed and will work. They are also afraid about scams.
Maintenance work on WazirX is a big part of restoring trust, keeping the platform’s funds safe, and addressing users’ ongoing issues.
