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Michael

@cryptove

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WazirX launches fair fund recovery plan post $230M hack Drawing lessons from past incidents such as the Mt. Gox and Bitfinex hacks, WazirX aims to apply the best practices from these cases to ensure a fair and efficient resolution. In a move to address the recent cyberattack that resulted in the theft of approximately $230 million, Indian crypto exchange WazirX has announced a fair and transparent socialized loss strategy for user fund recovery. The hack, which impacted 45% of user funds, has prompted WazirX to adopt an equitable approach to minimize the disruption to its user base and preserve the platform’s stability. Approach to loss distribution In a blog post, WazirX announced that it has opted for a 55/45 approach. This approach allows users immediate access to 55% of their assets while locking the remaining 45% in Tether USDT-equivalent tokens.
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