Crypto industry wants Wazir X to reconsider its recovery plan after $230 million loss

BENGALURU: Crypto exchange WazirX’s proposed plan to socialise its loss has not gone down well with the crypto industry, which wants it to reconsider the approach. WazirX recently faced a security breach leading to a $230 million loss and said, “We are implementing a fair and transparent socialized loss strategy to distribute the impact across all users equitably.”

But later it also clarified that the poll it took was a preliminary step to understand users’ opinions, and is not legally binding upon the users or the WazirX platform.