TechFlow news — cryptocurrency exchange WazirX has recently suffered a severe cyberattack, resulting in the theft of approximately $230 million, equivalent to 45% of user funds. To address this crisis, WazirX has announced a "socialized loss" strategy to fairly and transparently distribute the losses. The specific measures are as follows:
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55/45 Distribution Plan: Users can immediately receive 55% of their assets, while the remaining 45% will be converted into USDT-equivalent tokens and locked.
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Two Options: Users may choose different asset management plans via the WazirX app or website.
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Asset Restructuring: The unlocked portion (55%) will be balanced using a combination of available crypto assets on the platform.
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Continued Recovery Efforts: WazirX commits to continuing efforts to recover stolen funds and exploring alternative recovery solutions such as airdrops.
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Pricing Calculation: The value of the unlocked asset portfolio (55%) will be calculated based on the average prices from CoinMarketCap and major global exchanges at 20:30 on July 21, 2024 (Indian Standard Time).
WazirX will send detailed instructions and voting links via email to registered users. Users must complete their vote by 07:00 on August 3, 2024 (Indian Standard Time). WazirX emphasizes that this vote is not legally binding, and the final decision will take into account the voting results, investigation findings, platform liquidity, and other factors.
