The “WazirX” ​​platform faces financial challenges after the recent attack: details here

The Indian cryptocurrency trading platform “WazirX”, which was subjected to a cyber attack that resulted in a loss of $230 million, announced a controversial recovery plan aimed at compensating all users of the platform, including those who were not affected by the attack.

What is noteworthy is that the platform did not secure customer funds.

the details:

While some platforms survived, others were forced to shut down their businesses.

Reputable platforms take precautionary measures, such as insuring customer deposits, but WazirX did not take this approach.

Nischal Shetty, founder of the platform, said on Friday that the lack of viable insurance options was the reason customers' funds were not secured.

Therefore, the new plan and strategy was proposed, which stipulates that 55% of the assets of all users, including those affected and unaffected by the attack, will be available for trading and withdrawal.

The remaining 45% of the assets of unaffected users will be locked and converted into USDT equivalent tokens.

Unlocking the remaining assets, for both affected and unaffected traders, will depend on the company's recovery efforts, with no specific timeline set.

The company confirmed that the hackers only targeted cryptocurrencies, and did not target paper property.