WazirX Hacked: A major crypto exchange in India, has warned its users that they might face significant losses following a $234 million hack in July 2024.
This breach has left many investors and traders worried, realizing that getting back their full funds might be unlikely. The exchange is now in a major restructuring phase, working hard to recover as much of the stolen money as possible.
WazirX has asked Singapore’s high court for more time to develop a plan to maximize token recovery. Unfortunately, users may need to prepare for some difficult news as the situation unfolds after the wazirx hacked.
According to TechCrunch, the restructuring firm working with WazirX, Kroll, has hinted that customers could be forced to forfeit at least 43% of their assets. The best-case scenario, according to George Gwee from Kroll, would see users recovering between 55% and 57% of their funds, This news is sure to be a blow to those hoping for a full recovery, WazirX plans to distribute the remaining assets on a pro-rata basis through cryptocurrency, meaning that losses will be shared proportionally among users.
WazirX Hacked: What to Expect
WazirX is attempting to address the situation with transparency and efficiency. The exchange plans to hold a video town hall during the week of September 2, 2024, to explain the details of the proposed restructuring and address user concerns. The entire process is expected to take at least six months, which is considered the fastest way to resume cryptocurrency withdrawals.
WazirX Hacked: Conclusion
The $234 million hack at WazirX has put many users in a difficult position, with the prospect of losing a significant portion of their funds. The restructuring process, though underway, means that recovering the full amount may not be feasible, As the exchange works through this challenging period, users should stay tuned for updates and be prepared for a lengthy process. After all, in the world of crypto, it seems that sometimes the only thing more unpredictable than the market is the next big hack.
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