TechFlow reported that the cryptocurrency exchange WazirX recently suffered a serious cyber attack, with about $230 million (equivalent to 45% of user funds) stolen. In response to this crisis, WazirX announced a "socialized loss" strategy to share losses in a fair and transparent manner. The specific measures are as follows:

  • 55/45 distribution plan: users can immediately obtain 55% of the assets, and the remaining 45% will be converted into USDT equivalent tokens and locked.

  • Two options: Users can choose different asset management options on the WazirX app or website.

  • Asset Restructuring: The unlocked portion (55%) will be balanced using a mix of crypto assets available on the platform.

  • Continued recovery: WazirX has pledged to continue efforts to recover the stolen funds and explore other recovery options such as airdrops.

  • Price Calculation: The value of the unlocked portfolio (55%) will be calculated based on the average price on CoinMarketCap and major global exchanges at 20:30 (IST) on July 21, 2024.

WazirX will send detailed instructions and voting links to registered users via email. Users must complete the voting before 07:00 (Indian Standard Time) on August 3, 2024. WazirX emphasized that this vote is not legally binding, and the final decision will take into account voting results, survey findings, platform liquidity and other factors.

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