Wazirx Strives To Restore Trust After Cyber Attack Of IDR 3.68 Trillion

JAKARTA - Wazirx, India's leading crypto exchange, is facing tough challenges after cyber attacks that cost its users more than IDR 3.68 trillion. Even so, Wazirx moved quickly to restore user confidence and restore platform operations.

The cyberattack is known to have caused the theft of crypto assets from the user's wallet. Currently, Wazirx is still conducting an investigation to reveal the source of the security breach. Although their signatories are confirmed to be safe, the exchange is still investigating other possible loopholes.

Liminal, a digital asset security infrastructure service that is said to be linked to the hacked wallet, denied their involvement. Liminal confirmed that the breach occurred outside their ecosystem and their platform remained safe.

Wazirx has so far ensured that funds in the form of rupees (INR) are not affected. For crypto assets, the exchange plans to hold a poll to determine the fate of user funds. This poll will involve the entire user and its decision will determine the platform's reopening approach for withdrawal, deposit and trade.

Nischal Shetty, co-founder of Wazirx, revealed that the poll is in preparation and its implementation is expected to be carried out soon. He is also consulting with the law to ensure the legality and time frame for reopening the platform if the poll results are positive.

Shetty also explained several options that surfaced regarding the handling of user crypto assets, such as gradual opening with locked tokens, recovering lost assets, burning tokens with exchange profits, developing new use cases for tokens, to airdrops from new crypto projects.

Wazirx's efforts to engage users through polls and find the best solution with the community are in the spotlight. This step is considered a form of Wazirx's commitment to restore user confidence and restore platform security after cyber attacks.