WazirX launches fair fund recovery plan post $230M hack

Drawing lessons from past incidents such as the Mt. Gox and Bitfinex hacks, WazirX aims to apply the best practices from these cases to ensure a fair and efficient resolution.

In a move to address the recent cyberattack that resulted in the theft of approximately $230 million, Indian crypto exchange WazirX has announced a fair and transparent socialized loss strategy for user fund recovery. 

The hack, which impacted 45% of user funds, has prompted WazirX to adopt an equitable approach to minimize the disruption to its user base and preserve the platform’s stability.

Approach to loss distribution
In a blog post, WazirX announced that it has opted for a 55/45 approach. This approach allows users immediate access to 55% of their assets while locking the remaining 45% in Tether USDT-equivalent tokens.