WazirX Hack Update: Latest on User Funds and the 55/45 Plan

[Vanessa]

Hey everyone,

I wanted to share some recent news about WazirX and the situation after the big hack. As you may have heard, there was a $230 million hack on the exchange, and it’s been a tough time for users. WazirX had a plan to share the losses among users, which was called the 55/45 approach. This meant that users could only trade 55% of their assets while the remaining 45% would be converted into stablecoins like USDT and locked on the platform.

However, this plan faced a lot of backlash from the community, and it seems like it didn't go over well. After a poll to gather feedback, WazirX decided to scrap the plan completely. Many users were upset because they didn’t think it was fair for everyone to lose funds when only some had their money stolen.

Nischal Shetty, the co-founder of WazirX, acknowledged this backlash and said that more time is needed to come up with a better solution for users. He mentioned that the poll was not meant to be final or legally binding; it was just to get an idea of what the community thought.

Right now, a lot of users are still unable to withdraw their funds. About 45% of WazirX users are affected, and their assets are currently frozen on the crypto exchange. Shetty said that the team is working hard with the government and other agencies to find a way to resolve this issue and bring some clarity to the situation.

It’s definitely a tough time for many users, and the uncertainty can be frustrating. Let’s keep an eye on the updates and hope for a resolution soon. If anyone has more information or thoughts on this, feel free to share!

Take care!