WazirX

Partner

Coin

<ul>
 <li>WaxirX seeks Binance’s help to compensate the affected users of the recent $230 million hack.</li>
 <li>While receiving stark criticism for its recovery plan, WazirX approaches Binance, which holds $80M worth of WRX tokens.</li>
 <li>As the negotiations are at the initial stage, there is not yet any confirmation regarding the proposal.</li>
</ul>
WazirX, an Indian crypto exchange recently hit by a<a href="https://coinedition.com/wazirx-hacked-over-230-million-in-crypto-stolen-withdrawals-paused/" rel="noopener noreferrer nofollow"> $230 million hack</a>, has turned to its former partner Binance for assistance in compensating affected customers. This comes after WazirX’s controversial <a href="https://coinedition.com/wazirx-unveils-recovery-plan-after-230-million-hack-offers-55-immediate-access-to-users/" rel="noopener noreferrer nofollow">“55/45 approach”</a> recovery plan faced significant backlash.
On July 18, WazirX disclosed a severe security breach resulting in the loss of over $230 million in various tokens, including SHIB, ETH, MATIC, PEPE, USDT, and GALA. The hacker had reportedly exploited the platform’s multi-signature wallet vulnerabilities.
In response to mitigate its customers’ losses, WazirX introduced the “55/45 approach,” allowing users immediate access to 55% of their affected assets, with the remaining 45% converted to USDT. Ideated as a way to offer faster relief than traditional schemes, the plan instead drew criticism from customers.
The post <a href="https://coinedition.com/hacked-wazirx-seeks-help-from-former-partner-binance-in-230m-fallout/" rel="noopener noreferrer nofollow">Hacked WazirX Seeks Help from Former Partner Binance in $230M Fallout</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Hacked WazirX Seeks Help from Former Partner Binance in $230M Fallout

Coin Edition

Other articles published on Jul 30, 2024

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