The biggest cryptocurrency exchange in India, WazirX, has given up on its idea to compensate all users for the $230 million in assets lost as a result of a serious hacking incident.
In an attempt to mitigate the impact of the $230 million loss, the cryptocurrency exchange first suggested a 55/45″ plan that would have distributed the loss among all platform users.
The project’s community was deeply outraged by the proposal, which was revealed in mid-July, and the exchange apparently abandoned it as a result.
The crypto exchange to gauge the public opinion on the proposed plan launched a July 27 Public Poll on the issue also announcing plans to get the exchange up and running again.
WazirX shared its comments on the public poll in an X post clarifying the nature of the poll and what it hopes to achieve for the community.
“ Dear WazirX Tribe, We appreciate your active participation in our recent poll from 27 July 2024. We want to clarify that this poll is a preliminary step to understand your opinions and is not legally binding upon the users or the WazirX platform.
We reassure you that this poll is not final; it is designed solely to gather your feedback, better understand your views, and then take action that is best for the community. Thank you for your invaluable feedback.
Our team is currently reviewing all your inputs to devise a plan that truly aligns with the community’s best interests. We aim to develop a plan that incorporates your collective voice and ensures a fair and effective outcome. We are committed to transparency and will continue to update you as we refine our approach based on your suggestions.
As a next step, we will soon share a feedback form that will help us better understand the direction that would align with the community’s best interests. Thank you for your patience and ongoing support as we work together to enhance our platform.” Wazir X tweeted.
WazirX co-founder Nischal Shetty added his voice to that of the Wazir X team explaining that the poll is not legally binding but was introduced to gather feedback of the community on the proposed social loss plan.
He also described the attack as a major cyber-attack urging the community to give them more time to work on a resolution.
“This is a major cyberattack and we need more time to work on resolution. Your support and feedback will help us navigate this effectively. We are committed to transparency and will continue to update you as we refine our approach based on your suggestions.” Nischal Tweeted.
The Wazir X team have made several efforts to recover the loot including offering 10% of the lost funds ($23 million) to any white hat hacker able to give information that leads to its recovery.
