The biggest cryptocurrency exchange in India, WazirX, has given up on its idea to compensate all users for the $230 million in assets lost as a result of a serious hacking incident.
In an attempt to mitigate the impact of the $230 million loss, the cryptocurrency exchange first suggested a 55/45″ plan that would have distributed the loss among all platform users.
The project’s community was deeply outraged by the idea, which was revealed in the middle of July, and the exchange apparently decided to scrap it as a result.
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.
In an X post, WazirX provided feedback on the public poll, outlining its purpose and the community benefits it aims to bring about.
The post stated: “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,” the tweet added.
Nischal Shetty, a co-founder of WazirX, joined the team in stating that the purpose of the survey is to collect community opinions on the suggested social loss strategy; it is not legally binding. In addition to what was made available to BrandSpur digital news platform, he called the incident a significant cyberattack and pleaded with the community to give them more time to find a solution.
According to Shetty’s tweet: “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.”
In an attempt to retrieve the treasure, the Wazir X team has offered a 10% share of the missing money, or $23 million, to any white hat hacker who can provide information that helps recover the loot.
However, knowing a cyberattack on WazirX’s Multi-Sig wallet in July resulted in the loss of $230 million in crypto assets, is expedient. The hacker moved the money quickly, converting the most of the pilfered assets to Ethereum.
The WazirX team characterised the development as an uncontrollable Force Majeure event. They did, however, reassure the neighbourhood that they were making every effort to retrieve the money.
