Million

when

Read

WazirX

The post <a href="https://coinpedia.org/news/wazirx-hack-founder-nischal-shetty-reveals-230-million-recovery-strategy-by-august-3/">WazirX REVEALS Community-Driven Recovery Plan After $230 Million Hack Loss</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
After a devastating cyberattack that resulted in a $230 million loss, <a href="https://app.coinpedia.org/company/wazirxindia" target="_blank" class="profile-details">wazirx</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/company/wazirxindia" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg" alt="link"></a> <a href="http://www.wazirx.com/" target="_blank" rel="nofollow noopener"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1658301823523ewx7atj6re.png" class="company_logo_img" alt="profile company logo" title="profile company logo"></a> wazirx Centralised ExchangeCrypto trading and Information <a href="http://www.wazirx.com/" target="_blank" rel="nofollow noopener"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg" alt="globe icon" title="globe icon"></a> is turning to its community for recovery. Founder <a href="https://wazirx.com/blog/managing-your-funds-after-the-cyber-attack/">Nischal Shetty and the team</a> have unveiled a comprehensive strategy to mitigate the impact, which involves distributing the losses across users’ crypto portfolios without affecting INR wallet balances. 
Here’s a detailed rundown. 
<h2 class="wp-block-heading" id="h-the-55-45-model-a-quick-path-to-recovery">The 55/45 Model: A Quick Path to Recovery</h2> 
WazirX will decide to use the 55/45 model to speed up the reopening of the platform. This strategy enables the users to have direct access to 55 percent of their digital currencies for trading or withdrawal while 45 percent will be surrendered in order to transform it into equivalent <a href="https://markets.coinpedia.org/tether/" target="_blank" rel="noreferrer noopener">USDT tokens</a> which will be locked.&nbsp; 
This method promises quicker access to funds compared to traditional recovery processes, which often involve lengthy delays. 
The partial lock is designed to facilitate faster fund access while accommodating users who prefer to wait for their investments to potentially yield higher returns. This approach aims to strike a balance between immediate liquidity and long-term growth. 
<h2 class="wp-block-heading" id="h-committed-to-transparency-and-fairness">Committed to Transparency and Fairness </h2> 
Shetty emphasized that distributing the losses across users is a transparent move that prevents the platform from concentrating instability in one area. This fair approach helps to ensure that the burden of recovery is shared equitably. 
<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" data-width="550" data-dnt="true">
 The fastest way to open the platform again for operations is to socialise the loss across the crypto portfolios. INR wallet balance will not be impacted. This partial lock is for crypto portfolio balance only. This is phase 1 so that part of the crypto portfolio is accessible… <a href="https://t.co/CYCbwWCwl0">https://t.co/CYCbwWCwl0</a>— Nischal (Shardeum) 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f53c.png" alt="🔼" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@NischalShetty) <a href="https://twitter.com/NischalShetty/status/1817064589143540081?ref_src=twsrc%5Etfw">July 27, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The value of unlocked portfolios will be based on average prices from CoinMarketCap and selected global exchanges as of July 21, 2024. Following this, WazirX will enter the long-term recovery phase, which includes asset recovery, new partnerships, token use cases, and airdrops. Future earnings from the exchange will also help offset the losses. 
<h2 class="wp-block-heading" id="h-user-input-on-recovery-have-your-say">User Input on Recovery: Have Your Say</h2> 
WazirX is seeking user input on how to handle remaining assets through a poll. The results will influence the final recovery strategy, considering ongoing investigations, liquidity status, and other factors. The deadline for responses is August 3, 2024. 
Also Read : <a href="https://coinpedia.org/news/second-crypto-hack-in-24-hours-monoswaps-liquidity-got-drained/" target="_blank" rel="noreferrer noopener">Crypto Market on High Alert: MonoSwap Drained in Latest Hack!</a> 
The future of WazirX is in the hands of its community. Only time will tell if this recovery plan will be successful.

WazirX REVEALS Community-Driven Recovery Plan After $230 Million Hack Loss

Зміст

CoinPedia News

Інші статті, опубліковані 27 лип. 2024 р.

Avalanche Price Rally Sees Notable Uptick Amid Market Rebound

Polkadot Smart Contracts Bold Move: 1.6 Million Users Benefit from Enhanced Flexibility

Ethereum ETFs Draw Significant Investments

Will Chainlink Break $15? Bullish Pattern Insights

South Korea's New Crypto Law Takes Effect: What We Know

What Does the Latest Inflation Data Point to in the US? Will a Rate Cut Come? Here’s What Experts...

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!