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.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 TetherThis method contrasts sharply with the prolonged uncertainty often experienced in similar scenarios. By socializing the loss, WazirX aims to distribute the impact evenly across all users, preventing any single gr…