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CryptoIntelligence 2024-07-28 10:27:00

WazirX Introduces Socialized Loss Strategy to Recover $230 Million After Cyberattack

Indian crypto exchange WazirX has unveiled a plan to recover user funds following a significant cyberattack that resulted in the theft of around $230 million. The hack, affecting 45% of user funds, has led WazirX to implement a socialized loss strategy to minimize disruption and ensure platform stability. To manage the loss, WazirX has introduced a 55/45 approach. This means that users can immediately access 55% of their assets, while the remaining 45% will be held in Tether-equivalent tokens. This method aims to distribute the impact evenly among users, avoiding the typical uncertainty and prolonged recovery periods seen in similar

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