WazirX

Date: Mon, Sept 02, 2024, 10:49 AM GMTIn a recent press conference, legal experts provided a grim update for WazirX customers hoping to recover their lost crypto assets following the devastating <a href="https://coinsprobe.com/wazirx-crypto-exchange-tokens-worth-230-million-hacked-hacker-started-selling-this-tokens/" rel="noopener noreferrer nofollow">hack </a>in July that saw $234 million disappear from the exchange. According to WazirX’s co-founder, Nischal Shetty, at least 43% of customer funds are unlikely to be recovered.The hack, which impacted around 45% of customer funds, has left many users in a precarious financial situation. Despite efforts to manage the crisis, George Gwee, director of restructuring expert Kroll, warned that the best-case scenario would see customers recovering only 55% to 57% of their lost assets. The remaining funds might be forever out of reach.The WazirX team has been working hard to mitigate the impact of the hack, but the road to recovery is challenging. The legal counsel pointed out that the possibility of recouping funds denominated in US dollars largely depends on market improvements—a factor that remains uncertain in the volatile world of cryptocurrency.While the WazirX team promises to explore every avenue to close the funding gap, the harsh reality is that a full recovery of losses seems increasingly unlikely.This article was first published on <a href="https://coinsprobe.com/" rel="noopener noreferrer nofollow">coinsprobe.com.</a>

Legal Experts Warn WazirX Customers Unlikely to Fully Recover Crypto Losses

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