WazirX has released a user compensation plan: 55% of the assets will be used for trading or withdrawal, and 45% will be converted to USDT equivalent tokens and locked.

Indian crypto exchage 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 equivalent USDT and locked. Users can choose between two asset management options, each with specific advantages 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 of 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 results of this vote will be used as a reference for the final decision, taking into account the results of the investigation, platform liquidity and other circumstances. Previously, WazirX was hacked in a cyberattack that resulted in the theft of approximately US$230 million (equivalent to 45% of user funds).