We are actively listening to your feedback and taking decisive action to address your concerns!

After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July 2024, 1 PM IST. 

All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July 2024, 1 PM IST. This restoration will be carried out over the next few days, and affected users will receive an email notifying them of any affected trades.

This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack which occurred on 18 July 2024.

Thank you for your patience and support as we work towards resuming platform operations and optimize outcomes for users.

Questions

We’ve addressed some of the questions you might have below:

Q: Why are trades between 18 and 21 July 2024 being made ineffective?

A: This action is being carried out to ensure that all users are equitably treated following the abnormality arising from the cyberattack on 18 July 2024.

Q: How will this decision affect my portfolio?

A: All trades following 18 July 2024, 1 PM IST are rendered ineffective, and your portfolio will be restored to what it was like at that point in time. Fees and referrals arising from such restoration will similarly be reversed.

Q: What if I traded or deposited funds between 18 and 21 July 2024?

A: Any trades carried out following 18 July 2024, 1 PM IST will be made ineffective and any associated fees and referrals will similarly be reversed. Any fiat or crypto successfully deposited following 18 July 2024, 1 PM IST has been taken note of and will be addressed shortly in a future update.

Q: How will I know the portfolio restoration has been applied to my account and how do I verify the affected trades?

A: The restoration will be carried out over the next few days, and affected users will be sent an email with a consolidated list of affected trades, which can be confirmed on the WazirX platform.

Q: Can I trade/withdraw while the restoration is being processed?

A: Trading and withdrawals have both been halted and will not be processed during this time.

Q: Will this restoration affect my tax reporting?

A: TDS associated with the affected trades will be credited back to affected users.

Q: What will happen to the fees and referrals from the affected trades?

A: Fees and referrals arising from the affected trades will similarly be reversed.

Q: How will the restoration affect ongoing or pending transactions?

A: All ongoing or pending transactions will be canceled and your portfolio restored to what it was like on 18 July 2024, 1 PM IST.

Q: How will this affect my INR balances? 

A: This restoration will affect your INR balances to the extent that you executed trades involving INR following 18 July 2024, 1 PM IST. 

The restoration exercise will apply to all trades, and any transactions of crypto to INR or INR to crypto will be undone and your portfolio balances will be restored to what they were as at 18 July 2024, 1 PM IST.

Q: How will this affect my crypto balances? 

A: This restoration will affect your crypto balances to the extent that you executed trades involving crypto following 18 July 2024, 1 PM IST. 

This restoration exercise will apply to all trades, and any transactions of crypto to crypto or crypto to INR will be undone and your portfolio balances will be restored to what they were as at 18 July 2024, 1 PM IST.

Q. What about P2P trades done between 18 and 21 July 2024?

Any P2P trades matched after 18 July 2024, 1 PM IST will be made ineffective. The restoration process will adjust your crypto and INR balances accordingly.

We will continue to update this post with additional questions and answers as they arise. Thank you for your ongoing patience and support.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.