WazirX Unveils Recovery Plan After $230 Million Hack, Offers 55% Immediate Access to Users

• WazirX launches “55/45 approach” post-cyber attack, securing 45% of funds as USDT-equivalent tokens.
• Affected users access 55% of assets immediately, with the remaining managed through tailored recovery options.
• Recovery strategies include airdrops, users vote on the final plan by August 3, 2024, before full operations resume.

WazirX, the Indian crypto exchange firm, announced a recovery plan following the recent cyber attack resulting in the theft of approximately $230 million, representing 45% of user funds on the platform. The strategy involves a socialized loss system, aimed at fairly distributing the financial impact among all users.

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

The exchange’s newly introduced “55/45 approach” will allow users immediate access to 55% of their affected assets, with the remaining 45% converted int…

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