- Nature of the Incident and Breach
- Steps Taken for Recovery
- Future Plans
Nischal Shetty, co-founder of WazirX, recently provided an update on ongoing efforts to address key issues regarding the breach on July 18 that resulted in a loss of Rs 2000 crore.
Nature of the Incident and Breach
The incident took place on July 18, causing customers to lose a significant amount of Rs 2000 crore. Currently, the WazirX team is focused on recovering the stolen crypto assets.
Steps Taken for Recovery
According to Shetty, the team is actively engaged in various initiatives to mitigate losses and restore value to affected users. They are also exploring potential partnerships for additional resources and solutions.
Future Plans
WazirX is developing new product ideas, which may include mechanisms for user compensation and enhanced protection measures for future crypto withdrawals. Various rescue financing strategies are being explored to stabilize the potentially offset user losses.
Shetty emphasized the team’s commitment to these efforts and assured that they are working diligently to address the situation and keep the community informed.
