WazirX Seeks Top Crypto Exchange’s Help After $230M Hack Backlash

WazirX, an Indian cryptocurrency exchange, recently experienced a $230 million loss due to a security breach.

The exchange’s proposed recovery plan, which involves distributing the losses among its users, has faced heavy criticism.

To address the fallout, WazirX has turned to its former partner, Binance, for financial assistance.

The exchange’s strategy includes a user poll offering two recovery options: one prioritizes asset recovery but restricts withdrawals, while the other allows withdrawals with lower recovery priority.

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This poll closes on August 3, and the results will help shape future recovery measures, though they will not be legally binding.

Binance, which once held significant WRX tokens for WazirX, is being approached for help, despite ongoing legal disputes between the two firms.

Discussions are reportedly in early stages as WazirX seeks support to mitigate the financial impact of the hack.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.