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On Aug. 8, WazirX, an Indian crypto exchange, announced on X that they will be restoring the balances of all accounts and undo all the trades carried out following the stoppage of withdrawals on July 18, 2024, at 1:00 p.m. Indian Standard Time (IST). 

The Indian crypto exchange also pointed out that all users will have their portfolio balances on the WazirX platform restored to what they were on July 18, at 1:00 p.m. IST.

The exchange further explained that the accounts will be restored over the next few days, and users will be notified via email regarding any affected trades. WazirX’s latest decision is an attempt to help all its users affected by the cyberattack that happened on July 18. 

On July 18, on-chain security firm Cyvers Alerts was the first one to warn the crypto community and WazirX about the cyberattack. Based on the security firm’s report, there were multiple suspicious transactions detected on the exchange’s Safe Multisig wallet on the Ethereum network. 

Tracking the suspicious transactions, Cyvers Alerts reported that approximately $234.9 million of the funds were moved to different address, with each transaction’s caller funded by Tornado Cash. 

The suspicious address swapped Pepe (PEPE), Gala (GALA) and Tether USDt (USDT) into Ether (ETH) and continued to swap to other digital assets, as per the report from Cyvers Alerts.

Another blockchain analytics firm Elliptic — after conducting an on-chain analysis and reviewing other information — claimed that North Korean hackers were behind it. 

On Aug. 5, WazirX filed a first information report (FIR) under the Bhartiya Nyaya Sanhita, 2023, and the Information Technology Act, 200, at the PS Special Cell, PS Lodhi Colony, New Delhi through the Intelligence Fusion & Strategic Operations, IFSO of Delhi Police.