PANews reported on July 27 that according to an important update announcement released by Indian cryptocurrency exchange WazirX, a recent cyberattack resulted in the theft of approximately $230 million (equivalent to 45% of user funds). WazirX announced that it will implement a fair and transparent socialized loss strategy to ensure that all users share the impact fairly. The strategy allows users to immediately access 55% of their assets, while the remaining 45% will be converted into tokens of the equivalent value of USDT and locked.
Users can choose between two asset management options, each with specific benefits and conditions. The unlocked 55% of assets will create a balanced portfolio through a basket of crypto assets available on the platform. If the 55% of unlocked assets include affected tokens, the affected portion will be replaced with unaffected crypto assets. The value of the unlocked assets will be calculated based on the average price on CoinMarketCap and selected global exchanges at 8:30 pm (IST) on July 21, 2024.
Users must complete their selection by 7:00 am (IST) on August 3, 2024. The voting results will be used as a reference for the final decision, taking into account the survey results, platform liquidity and other circumstances.
