Following a severe cyberattack, WazirX has launched a comprehensive recovery strategy to manage the loss and ensure fair distribution among users.
Points
- Overview of the cyberattack and its impact
- Details of the “55⁄45” recovery strategy
- Options for users to manage their remaining assets
Indian cryptocurrency exchange WazirX has unveiled a comprehensive recovery strategy following a cyberattack that resulted in the theft of approximately $230 million, affecting 45% of user funds. The “55⁄45” strategy allows users immediate access to 55% of their assets, with the remaining 45% held in Tether （USDT）-equivalent tokens.
In a blog post, WazirX detailed this socialized loss strategy to distribute the impact equitably among all users. This approach aims to evenly distribute the financial burden and facilitate a quicker resolution compared to traditional methods.
Users have two distinct options for managing their remaining assets. Detailed instructions will be sent to registered users via email, and they must respond by August 3, 2024, at 7:00 am IST. Although the poll results are non-binding, they will help shape the final recovery plan, considering ongoing investigations and the platform’s liquidity.
To ensure fair distribution, WazirX will create a diversified portfolio with a mix of crypto assets for the unlocked 55% of users’ funds. If the portfolio contains affected tokens, these will be replaced with unaffected assets to maintain balance. The value of this portfolio will be based on average prices from CoinMarketCap and other global exchanges as of July 21, 2024.
解説
- Cyberattack impact: The hack resulted in the theft of $230 million, significantly affecting user funds.
- Recovery strategy: The “55⁄45” plan aims to distribute losses equitably, providing users with immediate access to a portion of their assets.
- User options: WazirX offers two options for managing remaining assets, with a diversified portfolio approach to ensure fairness.