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Indian crypto exchange WazirX which lost over $230 million of users' funds in a massive hack has proposed a controversial recovery plan that involves distributing the loss to all WazirX users.
Indian cryptocurrency exchange WazirX is facing industry and customer heat for its "Withdrawal Management Programme: Opinion Poll" in the aftermath of the $230 million hack, 45% of its user funds, it suffered earlier this month.
Sumit Gupta, CEO of CoinDCX, has sharply criticized WazirX's proposed compensation plan for users affected by a significant hack earlier this month. Gupta's comments underscore growing discontent within the crypto community regarding the handling of the WazirX hack and its aftermath.
The exchange proposed a controversial plan to distribute the impact of the loss to all users. It wants to lock 45 percent of all customers' assets until recovery.
In a bold move, Indian cryptocurrency exchange WazirX has decided to spread a $230 million loss across its user base after a major security breach.
The recent WazirX poll offers two stark options for users to regain partial access to their funds following a significant hack, each presenting its own challenges. This critical decision-making process, coupled with tax implications and withdrawal limits, underscores the urgency of the August 3 deadline.
Indian cryptocurrency exchange Wazirx has answered important questions from its users about the recent cyberattack. The platform explained its socialized loss strategy and the options users have to recover their assets. Additionally, users inquired about asset valuation and token conversion to USDT.
WazirX, a leading Indian cryptocurrency exchange, recently shared a controversial plan to distribute a $230 million loss among its users following a major security breach.
The latest WazirX poll presents two options for users to regain partial access to their funds following a significant hack. This report explains these options, their impact on users, tax implications, and withdrawal limits.
The crypto realm concluded yet another week with attention-nabbing developments unfolding across the broader market. Notably, Bitcoin garnered quite the investor interest, soaring to a $69K high this week, whereas Ethereum ETFs saw a trading debut.
Indian crypto exchange WazirX has unveiled a plan to mitigate the effects of a recent hack that resulted in the loss of approximately $235 million.
Wazir X issued a report on Thursday, with new revelations of the $235 million hack, stating all indicators point to the custody service provider it relies on, Liminal Custody.
Crypto exchange WazirX employs a controversial “socialized loss” strategy in efforts to resume operations.
Indian cryptocurrency exchange Wazirx is implementing a socialized loss strategy to distribute the impact of the recent $230 million cyberattack among all its users. The exchange stated that 55% of users' crypto assets will be accessible, while the remaining 45% will be converted to USDT-equivalent tokens and locked.
India's cryptocurrency exchange which recently got hacked for $230 million (45% of user funds), WazirX announced a recovery and distribution plan. The platform is implementing a socialized loss strategy in order to issue impact equitably among all users.
Considering the fact that it recently suffered a massive cyberattack that led to the loss of about $230 million, plans to take a community-driven approach to recovery.
Drawing lessons from past incidents such as the Mt. Gox and Bitfinex hacks, WazirX aims to apply the best practices from these cases to ensure a fair and efficient resolution.
Drawing lessons from past incidents such as the Mt. Gox and Bitfinex hacks, WazirX aims to apply the best practices from these cases to ensure a fair and efficient resolution.
A preliminary investigation into the July 18 hack of the $235 million WazirX cryptocurrency exchange found no evidence of compromise within its infrastructure.
WazirX said its preliminary investigation found no evidence indicating that the machines of WazirX signers were compromised during a recent sophisticated cyber attack on its multi-signature Ethereum wallet, according to a July 25 blog post, The attack, which occurred earlier this month, has prompted significant concern and scrutiny within the crypto community.
The exchange received emails from Liminal with the correct destination addresses, implying that Liminal's system was breached, WazirX claimed.
Indian crypto exchange Wazirx has provided an update on its progress to enable users to withdraw funds and resume trading on its platform following a cyberattack that caused a loss of over $230 million. “Our preliminary investigation reveals no evidence of compromise on our signers' machines.
India-based cryptocurrency exchange, was recently in the crosshairs within days of a July 18 hack that saw $230 million siphoned off. Some of the allegations and misconceptions have been debated and corrected by the owner of the exchange while the recovery goes on.
Indian crypto exchange Wazirx is setting up a poll to let customers decide on reopening the platform for withdrawals, deposits, and trading. “Some options have emerged to help with the recovery which we're exploring,” said Wazirx co-founder Nischal Shetty.
