The WazirX team has made a significant announcement regarding the rebalancing of assets after a cyber attack that occurred four months ago. In an effort to compensate for the token loss faced during the attack, the team confirmed that they have purchased and sold customers’ remaining funds.
WazirX, which was once the most popular crypto trading platform among Indian traders, had to suspend all crypto-related services after losing nearly 50% of customers’ funds in the hacking incident. On December 13, 2024, the team informed customers that they are currently rebalancing crypto assets, particularly those that were affected by the cyber attack.
Customers may notice movements between various cold wallets where WazirX holds funds during this rebalancing process. Once the rebalancing and wallet management work is complete, the team will provide an official update to customers.
However, this decision has raised questions and concerns among some, with a popular Indian crypto influencer questioning how WazirX could make such decisions without customers’ consent or a court order. Many have argued that this action may be illegal and that proper measures should be taken to ensure compliance.
Despite the controversy, the announcement had a positive impact on the price of the WRX coin, WazirX’s native token, which surged by nearly 9% within 30 minutes of the news. This development has injected a sense of positivity and hope among WazirX customers.
As discussions and debates continue surrounding this issue, it remains to be seen how WazirX will address the concerns raised by customers and ensure transparency in their actions. The outcome of this rebalancing process will likely have a significant impact on the future of the platform and its relationship with its user base.