🚨 Latest News: WazirX Faces Major Hack 🚨

Indian crypto exchange WazirX recently suffered a major hack resulting in a loss of $230 million. To address this situation, WazirX announced plans to socialize the loss among all its users.

🔹 Loss Socialization Strategy:

- Users will receive 55% of their assets back immediately.

- The remaining 45% will be locked in the form of Tether equivalent tokens (USDT).

🔹 Two Recovery Options:

1. Option A: Trade and hold assets with recovery priority, but withdrawals are restricted.

2. Option B: Trading and withdrawals are allowed, but recovery priority is lower.

🔹 Plan Implementation:

- WazirX will create a diversified portfolio for 55% of unlocked assets.

- Portfolio value is calculated based on the average price from CoinMarketCap and other global exchanges as of July 21, 2024.

🔹 Community Reaction:

- Some users questioned why WazirX is not using its profit reserves.

- WazirX founder Nishal Shetty explains that insuring customer funds is not a viable option.

WazirX is committed to finding partners and external assistance to recover stolen assets and hopes this strategy can stabilize the platform and restore user trust. 🌐