The post Hacked WazirX rolls out a 55/45 recovery plan strategy appeared on BitcoinEthereumNews.com.

India’s cryptocurrency exchange which recently got hacked for $230 million (45% of user funds), WazirX announced a recovery and distribution plan. The platform is implementing a socialized loss strategy in order to issue impact equitably among all users. WazirX has come up with a 55/45 approach which it hopes will offer a faster and more flexible solution for its affected users. The exchange suggested the new strategy will allow the holders to get immediate access to a bigger portion of assets until it makes a full recovery. WazirX offers users two options in its recovery plan The hacked Indian crypto exchange is offering two options to users with specific benefits and conditions. WazirX suggests allowing 55% of user crypto assets to be available for trading and/or withdrawals, while the remaining holdings will be converted to their USDT equivalent and locked. In response to the recent cyber attack 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 It mentioned that for whatever option a user chooses, a balanced portfolio of unlocked portions (55%) would be created using a section of crypto assets. However, if 55% of the unlocked portfolio holds affected tokens, it will be balanced by replacing the impacted portion with a basket of available unaffected tokens. The exchange will calculate the value of the unlocked portfolio (55%) on average prices as of 21 July 2024, 8:30 PM IST. The prices will be picked from CoinMarketCap and select global exchanges. Loss recovery is pivotal to exchange re-opening In an X post, Nischal Shetty, founder of WazirX, stated that…

---

Filed under: News - @ July 27, 2024 12:24 pm