India’s largest crypto exchange WazirX has given up its idea to share the loss of $230 million in funds following a severe hack attack amongst all users.
In an attempt to mitigate the impact of the $230 million loss, the cryptocurrency exchange first suggested a 55/45″ plan that would have shared the loss among all platform users.
The project’s community were deeply outraged by the idea, which was revealed in the middle of July, leading to the exchange reportedly abandoning it.
In addition to announcing intentions to get the exchange back up and running, the cryptocurrency exchange ran a public poll on July 27 to collect feedback on the proposed plan.
WazirX shared its comments on the public poll in an X post outlining the purpose of the poll and what it hopes to achieve for the community.
“Dear WazirX Tribe, We appreciate your active participation in our recent poll from 27 July 2024. We want to clarify that this poll is a preliminary step to understand your opinions and is not legally binding upon the users or the WazirX platform.
“We reassure you that this poll is not final; it is designed solely to gather your feedback, better understand your views, and then take action that is best for the community. Thank you for your invaluable feedback.
“Our team is currently reviewing all your inputs to devise a plan that truly aligns with the community’s best interests. We aim to develop a plan that incorporates your collective voice and ensures a fair and effective outcome. We are committed to transparency and will continue to update you as we refine our approach based on your suggestions.
“As a next step, we will soon share a feedback form that will help us better understand the direction that would align with the community’s best interests. Thank you for your patience and ongoing support as we work together to enhance our platform.” Wazir X stated in a tweet.”
A cyberattack on WazirX’s Multi-Sig wallet in July resulted in the loss of $230 million in crypto assets. The hacker moved the money quickly, converting the most of the pilfered assets to Ethereum.
WazirX team described the development as a Force Majeure event which they had no control over. However, they assured the community they were doing everything to get back the funds.
The WazirX team described the development as an uncontrollable Force Majeure event. They did, however, reassure the community that they were making frankly effort to recover the funds.
