Indian cryptocurrency exchange WazirX will implement a social loss-sharing strategy that fairly distributes losses among all users

According to ChainCatcher news, an important update announcement from the Indian cryptocurrency exchange WazirX indicates that a recent cyber attack has resulted in approximately $230 million (equivalent to 45% of user funds) being stolen. WazirX announced that it will implement a fair and transparent social loss strategy to ensure that all users share the impact equitably. This strategy allows users to immediately access 55% of their assets, while the remaining 45% will be converted into tokens equivalent to USDT and locked.

Users can choose between two asset management plans, each with specific advantages and conditions. The unlocked 55% of assets will create a balanced portfolio using a basket of available cryptocurrencies on the platform. If the unlocked 55% of assets includes affected tokens, the affected portion will be replaced with unaffected cryptocurrencies. The value of the unlocked assets will be calculated based on the average price from CoinMarketCap and selected global exchanges at 8:30 PM (IST) on July 21, 2024.

Users must complete their selection by 7:00 AM (IST) on August 3, 2024. The results of this vote will serve as a reference for the final decision, taking into account the survey results, platform liquidity, and other factors.