2024

Million

WazirX

Coin

<ul><li>WazirX launches “55/45 approach” post-cyber attack, securing 45% of funds as USDT-equivalent tokens.</li><li>Affected users access 55% of assets immediately, with the remaining managed through tailored recovery options.</li><li>Recovery strategies include airdrops, users vote on the final plan by August 3, 2024, before full operations resume.</li></ul>WazirX, the Indian crypto exchange firm, announced a recovery plan following <a href="https://coinedition.com/wazirx-hacked-over-230-million-in-crypto-stolen-withdrawals-paused/" rel="noopener noreferrer nofollow">the recent cyber attack</a> 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.<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet">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… <a href="https://t.co/uOKvxWuEip" rel="noopener noreferrer nofollow">pic.twitter.com/uOKvxWuEip</a>— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) <a href="https://twitter.com/WazirXIndia/status/1817017630877974650?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a></blockquote></div></figure>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…The post <a href="https://coinedition.com/wazirx-unveils-recovery-plan-after-230-million-hack-offers-55-immediate-access-to-users/" rel="noopener noreferrer nofollow">WazirX Unveils Recovery Plan After $230 Million Hack, Offers 55% Immediate Access to Users</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

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

Coin Edition

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