WazirX Introduces Recovery Plan After $230 Million Loss

Following a cyberattack that led to the theft of around $230 million, Indian cryptocurrency exchange WazirX has introduced a transparent and fair strategy to recover users' funds.

In a recent blog post, WazirX detailed its approach to recovering losses on a 55/45 basis. This method allows users to gain immediate access to 55% of their assets, while the remaining 45% is locked up in Tether (USDT) equivalent tokens.

Through this approach, WazirX intends to distribute the impact evenly across all users, ensuring that no one group bears a disproportionate share. This strategy is expected to offer a faster and more adaptive solution than traditional methods.

WazirX provides users with two different options for managing their remaining assets, each with its own benefits and terms. These options will be communicated to users via the WazirX app or website.

In response to the recent cyberattack that led to the theft of $230 million (45% of user funds), we are committed to handling the situation fairly and transparently. We are implementing a socialized loss strategy to distribute the impact equitably among all users.

In response to the recent cyberattack that led to the theft of $230 million (45% of user funds), we are committed to handling the situation fairly and transparently. We are implementing a socialized loss strategy to distribute the impact equitably among all users.

To manage the… pic.twitter.com/uOKvxWuEip

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 27, 2024

Registered users will receive detailed instructions via email directing them to select their preferred option. The deadline to respond is August 3, 2024 at 7:00 am Indian Standard Time.

The value of the unlocked portfolio will be based on average prices from CoinMarketCap and selected global exchanges as of July 21, 2024, 8:30 p.m. Indian Standard Time. WazirX also announced that operations will resume shortly after users complete the poll to select their preferred asset management option.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.