đšLife savings lost, dashed hopes, uncertain recovery: How WazirX users are coping after $230 million hackđš
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For Charan (name changed), the promise of crypto seemed like a path to a better life for his family, who had long worked as labourers in agriculture and construction. The 24-year old from Chittoor, Andhra Pradesh launched a successful infotainment YouTube channel, with over a million subscribers.
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He ploughed most of his savings and earnings into buying meme token Shiba Inu on India's largest crypto exchange WazirX, following the crypto bull run of 2021.
Initially, he invested about Rs 15 lakh, and despite his portfolioâs valuation plunging by 70-80 percent, he continued to pump in more money. A few months ago, he pulled money from his mutual funds to add Rs 5 lakh more to buy crypto. And then came the shock.
On July 18, WazirX lost crypto assets worth over $230-million in a cyberattack, leaving nearly Rs 30 lakhs of Charan and his wifeâs savings stuck. His family is still not aware.
