{"id":15657,"date":"2024-07-30T10:14:56","date_gmt":"2024-07-30T07:14:56","guid":{"rendered":"https:\/\/forklog.com\/en\/wazirx-faces-backlash-over-social-loss-strategy\/"},"modified":"2024-07-30T10:14:56","modified_gmt":"2024-07-30T07:14:56","slug":"wazirx-faces-backlash-over-social-loss-strategy","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/wazirx-faces-backlash-over-social-loss-strategy\/","title":{"rendered":"WazirX Faces Backlash Over ‘Social Loss Strategy’"},"content":{"rendered":"

Following a $230 million hack on WazirX, which accounted for 45% of all client funds, the exchange team proposed<\/a> a ‘fair and transparent social loss strategy.’<\/p>\n

The initiative offers immediate access to the majority of assets (55%), while maintaining the possibility of further recovery for ‘those who prefer to wait.’<\/p>\n

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‘By pooling losses, we ensure fairness within our user base and maintain the stability of the exchange. This approach balances quick access for some with potential recovery for others, aiming to resolve the situation more effectively than traditional procedures,’ the platform’s statement read.<\/p>\n<\/blockquote>\n

WazirX co-founder Nischal Shetty outlined, in his words, two paths for the exchange’s development post-hack:<\/p>\n

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Nothing is impossible if WazirX can survive this. It will grow and if it makes profits those can be used for recovery. <\/p>\n

But, it\u2019s only possible if all our customers support us at this time. <\/p>\n

Historically there have been two options that exchanges which faced such situation\u2026<\/p>\n

\u2014 Nischal (Shardeum) ? (@NischalShetty) July 27, 2024<\/a><\/p><\/blockquote>\n