WazirX Post Hack - Launches Fair Fund Recovery Plan

Forbes

Hey folks.

Previously in my post I shared about a hack on WazirX.

As per a post on social media platform X, it is deemed that funds worth $234.9 million in the Safe Mutisig wallet of the crypto exchange in India have been transferred to a new address with each transaction's caller-funded by the decentralized protocol for private transactions, Tornado Cash.

In response to the most recent cyberattack that saw almost $230 million stolen, the Indian cryptocurrency exchange WazirX has revealed a clear and equitable socialized loss method for user fund recovery.

The hack has reportedly impacted 45% of user finds and has caused the exchange to take an equitable approach to minimize the disturbance to its user base and preserve the stability of WazirX.

WazirX, in a blog post, announced that it has been selected for a 55/45 approach. With this strategy, users can access 55% of their money right once while keeping the remaining 45% locked in tokens that are similar to Tether USDT.

This approach stands in stark contrast to the protracted ambiguity that is sometimes encountered in situations like these. WazirX attempts to socialize the loss in order to disperse the effects equally among all users and avoid any one group from suffering an undue burden.

This approach is anticipated to enable a faster and more flexible resolution than methods that are traditional.

Two different options are offered by WazirX for managing their remaining funds. Each option has particular benefits and conditions and will be shared with the users of the platform.

WazirX claims that registered users will receive comprehensive instructions through email that will walk them through the process of choosing their favorite alternative. Responses must be sent by August 3, 2024, at 7:00 a.m. India Standard Time.

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