WazirX Unveils Compensation Plan for Victims of Hack

WazirX Unveils Compensation Plan for Victims of Hack

WazirX Compensates Hack Victims with 55% of Lost Assets Indian cryptocurrency exchange WazirX has unveiled a compensation plan for users who lost funds in a recent hack. The exchange stated that eligible users will have the option to withdraw and trade 55% of their lost assets, with the remaining 45% converted to USDT and vested. The value of the 55% will be determined based on CoinMarketCap prices as of July 21, 2023, at 8 PM IST. WazirX emphasized its ongoing efforts to recover the stolen funds. Background of the Hack WazirX previously experienced a significant crypto hack, resulting in the loss of approximately $230 million worth of cryptocurrency. The exchange has since taken steps to enhance its security measures and is actively cooperating with law enforcement agencies to investigate the incident. Compensation Details According to WazirX, users who lost assets due to the hack are eligible for compensation under the following terms: 55% of the lost assets can be withdrawn and traded immediately. The remaining 45% will be converted to USDT and vested over a period of time. * The value of the 55% will be based on market prices at the time of distribution. Recovery Efforts WazirX has assured users that it is committed to recovering the stolen funds. The exchange is actively working with external experts and law enforcement agencies to trace and retrieve the stolen assets. Users are encouraged to monitor the WazirX blog and social media channels for updates on the compensation process and the progress of the recovery efforts.