WazirX's recent announcement on compensation for stolen funds has sparked interest among investors and crypto market participants.
Compensation for WazirX Stolen Funds Victims
The first compensation phase is set to start in April, providing necessary relief to those affected by the massive theft. Users can currently view losses in USD and INR as of July 2024. Asset rebalancing allows for the return of greater values to users by boosting the worth of unstolen tokens.
Critical Voting Deadline and Liquidation Risks
Creditors must approve the plan by February 19 to avoid liquidation, which could result in asset fire sales. The plan involves using a decentralized exchange to issue tradeable recovery tokens.
Details of the Theft and Recovery Measures
The theft included more than $100 million in SHIB and $52 million in other assets. The attack is linked to the notorious North Korean hacker group Lazarus, complicating investigations. Extensive measures aim to stabilize the platform and restore confidence.
WazirX's measures aim to compensate affected users and restore trust in the platform.
