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.
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