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    WazirX Cancels All Open Orders to Resolve INR Issues, Community Reacts

    The India-based crypto exchange, WazirX announced that it has canceled all open orders on its platform as part of its ongoing effort to

    Updated Aug 22, 2024
    Victor Swaezy

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    Victor Swaezy

    WazirX Cancels All Open Orders to Resolve INR Issues, Community Reacts

    The India-based crypto exchange, WazirX announced that it has canceled all open orders on its platform as part of its ongoing effort to restore the system to full capacity following a major hack in mid-July. Users took to social media to express their frustration and demand transparency. Interestingly, this comes after the exchange went offline for a brief maintenance earlier this month.

    WazirX has called for calm and assured users that they are working round-the-clock to resolve pending issues. Also, a few days after the hack, the exchange announced a bug bounty program, giving out $23 million to recover stolen crypto assets. The initiative aims to mobilize its global community for monitoring and recovering stolen assets.

    WazirX Updates Users

    In a recent post on X (formerly Twitter), the self-acclaimed largest and fastest-growing exchange in India informed its global users that all open orders placed on the platform have been canceled. Notably, the team pointed out that any Indian Rupee (INR) and crypto orders that are blocked in the open orders will be refunded to user balances.

    WazirX stressed that the decision is part of its continuous effort to resolve all issues surrounding INR and cryptocurrency balances. Recall that the exchange paused withdrawals following the security breach and then went into maintenance mode in early August to restore account balances and undo the paused withdrawals.

    The hack saw about $230 million in user assets stolen from the platform. Among the stolen cryptocurrencies include about $102 million in Shiba Inu, $52 million in Ethereum, and $11.2 million in MATIC. PEPE, USDT stablecoin, and GALA were also stolen during the breach.

    Meanwhile, a forensic analysis by Mandiant Solution, a subsidiary of Google, discovered that WazirX laptops were not compromised during the cyber attack.

    “We did not identify evidence of compromise on the three laptops that were used for signing transactions,” the report stated.

    The revelation marked a crucial step in the ongoing investigation into the incident and marked WazirX’s commitment to securing its systems. WazirX reiterated it is committed to full transparency even though its users share a different opinion.

    Community Reacts to Update, Demand Full Transparency

    Meanwhile, WazirX users have expressed their frustration on X over the recent cancelation of open orders. They questioned the exchange activities especially since it recently returned from maintenance. A user Aditya Singh, called the situation “Weird” since this was not handled during the maintenance. He asked the WazirX team when it would respond to the community’s demand for transparency given that users have been calling for this for over a month.

    Singh dropped a list of six items that the community expects WazirX to address including; A complete breakdown of the full cryptocurrencies stolen during the hack, a breakdown of the remaining cryptocurrencies held by the exchange and the amount, a disclosure of wallet addresses since the proof-of-reserve (POR) was disabled on Coingabbar (a top crypto market cap and insight platform in India).

    Additionally, Singh demanded that WazirX publish the details of the surplus holding reported in the previous POR, disclosure of INR holdings, and lastly, a report on the amount of crypto held for institutions. He concluded by seeking a precise update on withdrawals since the exchange has only repeated that it has been working on it since the hack.

    Another user ‘Dr SathishS’ also questioned transparency saying “The way you are staying away from transparency, I am wondering if you really mean to return the unaffected and affected funds/assets to users.”

    Amid the chaos, the price of the native token of the WazirX platform, WRX, has spiked in the last 24 hours. According to data from CoinMarketCap, WRX increased by 1.47% to trade at $0.1531 at the time of writing.

    Victor Swaezy

    Victor Swaezy

    Editor

    Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as 36crypto and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.

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