WazirX rolls out fund recovery plan after $230 mn cyberattack
By MYBRANDBOOK
The crypto exchange platform, WazirX that has lost $230 million to a cyberattack, is now coming up with 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," as per company’s blog.
As per the company, it will made available 55 percent of user’s crypto assets on the platform for trading and/or withdrawals. If a user has not been affected by the cyberattack, even then their portfolio will get access to only 55 percent of their asset.
"Users with 100 per cent of their tokens in the ‘not stolen’ category will receive 55 per cent of those tokens back. The remaining 45 per cent will be converted to USDT-equivalent tokens and locked. This is part of our fair and transparent socialised loss strategy to distribute the impact equitably," the company said.
The remaining 45 percent of the user's assets will be converted by WazirX to tether-equivalent tokens and lock them.
For users who lost their crypto investment portfolio, the company will create an unlocked portion of 55 percent of the user's investment by deriving the value from assets available on the platform.
WazirX announced that it will use a combination of existing tokens on the platform to create a crypto portfolio, covering 55 percent of the lost value for users who have lost between 45 percent and 99.9 percent of their tokens.
The required time to unlock the locked tokens on the platform is undefined.
“Unlocking of locked tokens will be subject to ongoing recovery efforts. This includes tracing and recovering stolen assets, collaborating with partners to cover the deficit, and exploring compensation methods, including potential airdrops,” the company said.
Meanwhile, the firm said users’ funds in Indian rupee are not affected, and these users do not register a vote as part of the recovery plan.
The announcement of the recovery plans comes days after the initial security breach was detected on the platform.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
FIRE BOLTT
PRAMA HIKVISION INDIA PRIVATE LIMITED
TALLY SOLUTIONS PVT. LTD.
VERSA NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : NANDAN NILEKANI
Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : RAJENDRA SINGH PAWAR
Rajendra Singh Pawar is the Executive Chairman and Co-Founder of NIIT ...
PARTNER SPEAKERS
PSU
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
