WazirX unveils recovery plan after $230 mn cyberattack, seeks user vote

WazirX, the crypto exchange platform that lost $230 million to a cyberattack, is rolling out a fund recovery plan based on a user poll the platform will conduct by August 3.

In a first by an Indian crypto exchange, WazirX will socialise the loss and distribute its impact across all the users on the platform.

“We are implementing a fair and transparent socialised loss strategy to distribute the impact across all users equitably. In similar situations, users have often faced years of uncertainty and limited access to funds. Our 55/45 approach offers a faster, more flexible solution,” the company said in a blog.