Popular crypto exchange WazirX, has revealed plans for a maintenance process that’s scheduled to restore account balances and correct some certain trades. The India-based crypto exchange made the disclosure via a post on its official X page on Thursday.
According to the announcement, the maintenance will take place from 6 pm on August 15 to 2 pm IST on August 16. Meanwhile, during the process, WazirX publicized that all activities on its platform would be unavailable for a while.
Recall that on July 18, WazirX suffered a breach that resulted in a staggering loss of $234.9 million. Renowned Web3 security firm, Cyvers, first discovered the exploit. According to a Binbits report, the security firm discovered numerous suspicious on-chain movements involving WazirX’s Safe Multisig wallet on the Ethereum network.
Following the hack, the exchange swung into action to protect the remaining assets and correct the breach. However, the hack affected the reputation of the exchange, causing users to register their concerns and dissatisfaction relating to the issue.
Insight Into The Recovery Plan
At the core of the recovery plan is WazirX’s recovery plan is the commitment to regaining users’ trust and boosting its security system. However, to ensure a transparent restoration process, the crypto exchange will publish the list of all new wallets once it concludes the migration.
The move to carry out the maintenance surface is part of the efforts to ensure a fair result for all users in regard to the attack. Consequently, WazirX plans to restore account balances and reverse all trades users submitted after the suspension of withdrawal on the platform.
How The Breach Caused A Disagreement Between WazirX and Liminal
Following the attack, WazirX and Liminal were at loggerheads over the cause of the hack. While addressing the cause of the issue, the cryptocurrency exchange indicated that the attack surfaced due to an issue with the interface of Liminal.
It is worth mentioning that Liminal is a custody team that has been managing one of the multisig wallets belonging to the crypto exchange since February 2023. As revealed, the wallet has six signatories with one from Liminal and five from WazirX.
In response, Liminal argued that some machines belonging to the cryptocurrency exchange were compromised, hence, the reason for the breach. After reportedly carrying out an investigation, WazirX publicized that Liminal’s claims were not true.
Thereafter, WazirX went on to migrate the remaining funds with Liminal to new multisig wallets.
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