The post WazirX Announces Compensation Plan After $235 Million Hack, Launches New Rebalanced Portfolio Scheme appeared on BitcoinEthereumNews.com.

Following the catastrophic hack that struck the Indian cryptocurrency exchange WazirX in July 2024, a considerable development took place. WazirX recently announced a compensation plan directed toward users affected by the hack. As a matter of fact, this hack, which resulted in the loss of an eye-popping $235 million (USD) in digital assets, not only shocked users of WazirX but also rocked and reverberated through the Indian crypto community at large. Adding several twists and turns to this already crazy saga, WazirX recently surfaced with a compensation plan and has promised to reimburse users to the tune of 85% of the USD values of their portfolios that they held on the day of the breach (July 18, 2024). The Rebalanced Portfolio Scheme The rebalanced portfolio scheme that WazirX has launched is now live for users who were affected by the hack to recover some of their lost funds. Under the scheme, users will receive about 85% back of the value of their portfolio, calculated based on the USD value of the assets at the time of the hack. In addition, users will receive 20% of the actual current market value of their holdings. The attack ultimately rebalanced WazirX’s own portfolio in a way that had the company’s users not holding Bitcoin or Ethereum would certainly have preferred. The new scheme structured to ensure users got back a reasonable portion of their lost funds was a clear as day statement that the crypto exchange’s financial health post-breach was anything but robust. In fact, it indicated that WazirX must have taken a serious hit to its solvency because the amount users were able to recover under the new scheme (as of now) isn’t even close to being a full reimbursement of their identified losses. The Development of the Decentralized Exchange (DEX) A…

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Filed under: News - @ February 12, 2025 10:27 am