WazirX Update: Indian Exchange to Lock 45% Assets In Recovery Plan

Quick Summary:

Indian crypto exchange WazirX which faced a massive hack earlier this month has come up with a user compensation plan by implementing a “fair and transparent” socialized loss strategy and thus distributed the impact across all users equally.

The rest 45% will be converted to a USDT-equivalent token and locked.

By socialising the loss similar to how other impacted exchanges have done in the past, we are in a position to open up the platform sooner for everyone,” added Shetty.

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Article Details

Author / Journalist: Bhushan Akolkar

Category: Crypto

Markets: India

Topics: WazirX Hack Wazirx Recovery Wazirx 24/7 Cryptocurrency News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-27 @ 06:54:00 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 313 words

Reading Time: 2 minutes read

Sentences: 31 lines

Sentence Length: 11 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21790157

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News Last Updated: 8 hours ago

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