WazirX Loses $235 Mn In Hack, Users To Absorb 45% Of Losses

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The Cyber Attack

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Response and Controversy

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Socialised Loss Strategy

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User Options Post-Hack

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External Investigation

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Crypto Heist: Here’s Why WazirX’s Socialised Loss Strategy Is Drawing Controversy

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WazirX Loses $235 Mn In Hack, Users To Absorb 45% Of Losses

The Cyber Attack

WazirX was hacked, losing $235 Mn, affecting 45% of user funds. The incident has caused major alarm in the Indian crypto community.

Response and Controversy

WazirX's "socialised loss" strategy faces backlash. CoinDCX's CEO criticises the plan, calling it "utter nonsense."

Socialised Loss Strategy

WazirX proposes users absorb 45% of losses. 55% of assets remain accessible; the rest is locked until recovery. Options include trading or withdrawing with varying recovery priorities.

User Options Post-Hack

Users can either trade without withdrawals (Option A) or withdraw assets but lose recovery priority (Option B).

External Investigation

The FBI and CYFIRMA suspect North Korean group Lazarus behind the hack. WazirX seeks Binance's help for recovery.

Crypto Heist: Here’s Why WazirX’s Socialised Loss Strategy Is Drawing Controversy