India’s largest crypto exchange WazirX has abandoned its proposed plan to share the loss of $230 million in funds following a severe hack attack amongst all users.
The Crypto exchange initially proposed a 55/45” plan to socialize the $230 million loss incurred by the exchange amongst every user of the platform as a sort of damage control to Waterdown the effects of the loss.
The plan announced in mid-July caused a serious uproar amongst the project’s community leading to the exchange reportedly abandoning it.
The crypto exchange to gauge the public opinion on the proposed plan launched a July 27 Public Poll on the issue also announcing plans to get the exchange up and running again.
WazirX shared its comments on the public poll in an X post clarifying the nature 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 tweeted.
WazirX co-founder Nischal Shetty added his voice to that of the Wazir X team explaining that the poll is not legally binding but was introduced to gather feedback of the community on the proposed social loss plan.
He also described the attack as a major cyber-attack urging the community to give them more time to work on a resolution.
“This is a major cyberattack and we need more time to work on resolution. Your support and feedback will help us navigate this effectively. We are committed to transparency and will continue to update you as we refine our approach based on your suggestions.” Nischal Tweeted.
The Wazir X team have made several efforts to recover the loot including offering 10% of the lost funds ($23 million) to any white hat hacker able to give information that leads to its recovery.
What To Know
- WazirX lost $230 million in crypto assets to a Cyber-attack in July on its Multi-Sig wallet. The majority of the stolen assets were converted to Ethereum and the hacker wasted no time in moving the funds.
- 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.