🚨 WazirX Under Fire After $230 Million Hack 🚨
WazirXIndia crypto exchange in India, is in trouble after a major security breach.
Here's what happened:
🔰 Recovery Plan:
1⃣ #WazirX introduced a "55/45" plan.
2⃣ Users can access 55% of their assets and trade them, while the other 45% will be converted to $USDT and locked, even for users whose assets weren't stolen.
🔰 Security Breach:
1⃣ A security issue caused the loss of 45% of WazirX's assets, worth $230 million.
2⃣ Withdrawals and trading were stopped after the hack.
🔰 Next Steps:
1⃣ CEO Nischal Shetty is talking to major global exchanges for support and may sell the platform.
🔰 Community Reaction:
1⃣ The recovery plan upset many users, who shared their concerns in a week-long poll.
2⃣ WazirX is rethinking its strategy due to the backlash.
🔰 Key Point:
This situation shows the risks of using centralized exchanges (CEX) and the importance of securing your assets.
🔑 NOT YOUR KEYS, NOT YOUR CRYPTOS
Stay informed and protect your assets.
