Bollywood Fever: Indian cryptocurrency exchange Wazirx is setting up a poll to let customers decide on reopening the platform for withdrawals, deposits, and trading after a significant security breach resulted in the theft of over $230 million. Wazirx co-founder Nischal Shetty shared on social media platform X, “Some options have emerged to help with the recovery which we’re exploring. We’re actively contacting projects linked to the stolen tokens to seek their support in the recovery process.”
Wazirx Exploring Recovery Options
On Wednesday, Wazirx provided an update regarding the major security breach. Shetty announced that while recovery options are being explored and need more time, users are eager for the platform to reopen. “We will run a poll to help our customers decide the approach to opening up the platform … Team is working on building the poll flow so everyone can participate,” Shetty stated.
He reiterated that INR funds were unaffected by the cyber attack, which occurred during the flow of their custody provider Liminal. Wazirx’s product platform and infrastructure were not breached. Liminal confirmed that all Wazirx wallets created on its platform are secure and that all malicious transactions to the attacker’s addresses happened outside the Liminal platform.
In a separate post, Wazirx elaborated on their recovery efforts: “We’re actively contacting projects linked to the stolen tokens to seek their support in the recovery process. Simultaneously, we’re working on enabling withdrawals and figuring out the best way to restart deposits and trading on our platform.”
In response to the security breach, Wazirx has launched a $23 million bounty program to recover the stolen assets. The exchange revealed, “The response to our Bounty Program has been strong, with 195 entries submitted so far.”
As Wazirx navigates this recovery phase, the exchange aims to involve its user base in critical decisions regarding the platform’s future operations, ensuring transparency and customer participation.
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