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