In the aftermath of a considerable security breach that saw the loss of $234 million from its Safe Multisig wallet, India’s WazirX cryptocurrency exchange has been able to restore investor balances. However, despite this progress, there’s still uncertainty about when investors will be able to withdraw their funds, leading to increased frustration among users.
The platform highlighted, in a statement on August 16, its focus on two significant issues – resolving concerns around Indian Rupee (INR) balances and cryptocurrency balances. The company indicated that these solutions involve continuous legal analysis, as they await confirmation from collaborating partners.
In more positive news, WazirX has recently completed its scheduled maintenance, restoring the visibility of funds in users’ accounts, after a period of nearly one month of ambiguity. This development comes after the disruptive hacking event on July 18th, which resulted in a halt of all operations on the platform, as well as the reversal of all trades made post the hacking event.
However, investors remain discontented as the highly anticipated timeline for fund withdrawals remains undisclosed. The proposed loss-sharing model of 55/45, where only 55% of customer funds remain, has been met with strong defiance from the aggrieved investors.
As the challenges evolve for WazirX, the larger crypto industry in India is responding. The Bharat Web3 Association (BWA), for instance, has enhanced its focus on solid cyber security and consumer protection within the crypto milieu in the wake of the WazirX breach. Meanwhile, Binance’s mobile app is back for download in the Indian market, ending a prolonged seven-month suspension due to regulatory adherence issues.