EddieJayonCrypto
22 Aug 24
India's crypto exchange WazirX has canceled all outstanding open orders on its platform to address issues with Indian rupee and crypto balances. This follows a $230 million hack in July, where hackers stole various tokens. WazirX has confirmed it's working to resolve the issue and claims to be one o...
India's crypto exchange WazirX has canceled all outstanding open orders to address issues with Indian rupee and crypto balances after a $230 million hack in July. The hack saw hackers steal various tokens, including Shibu Inu, Ethereum, and Matic. WazirX claims to be one of India's largest and most trusted crypto exchanges, but its native token, WRX, has fallen 97% from its April 2021 all-time high.
WazirX said the cancelation of open orders is part of "ongoing efforts" to resolve issues with Indian rupee and crypto balances, following the hack. The exchange confirmed it's still working to resolve the issue and did not comment on whether the July hack and the recent cancelation are linked. Despite claiming to be India's most trusted crypto exchange, WRX has seen a significant drop in value since its all-time high.
Despite the developments, WRX is trading 1.2% higher on the day. However, it had experienced a 25% slump around the time of the hack. While WazirX continues to assert its position as a leading exchange, the impact of the hack and subsequent actions on the platform's reputation and user confidence remains to be seen.