$230 million breach: Under fire for the idea of socialising loss, WazirX vows to explore all options
WazirX is exploring all options to restore its platform following a $230 million security breach. The exchange had previously suggested socializing or distributing the losses as part of its recovery plan but faced significant backlash from customers.
«We will roll out other options too as we see fit. It will be a community first and based on the consensus of our users,» WazirX said in response to a query.
The crypto platform experienced a breach involving its multisig wallet, which typically requires two or more private keys to authenticate and confirm transactions before processing.
WazirX had also put out a poll on social media platforms to gauge feedback from users and various other stakeholders.
The plan was to socialise the losses and then rebuild the exchange by growing the business and eventually distributing profits, which the exchange hoped would lead to a faster recovery.
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View Details»«This approach aims to distribute the financial impact across all users equitably. Unlike traditional recovery methods that can take years, this
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