WazirX Founder Nischal Shetty Unveils Recovery Strategy to Recoup $230 Million by August 3 🚀
Following a $230 million hack, WazirX is devising a unique fund access model to recover losses. Founder Nischal Shetty reveals an innovative plan that involves community participation and partial withdrawals combined with lockups. Here are the key details of the recovery strategy:
Community-Powered Recovery Plan 🌟
WazirX, the victim of a significant cyberattack resulting in a $230 million loss, is charting a path to recovery powered by its community. Here’s what you need to know about the recovery plan:
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Fund Access Model:
- A 55/45 model for fund access being implemented.
- Offers flexibility with partial withdrawals and lockups.
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Community Engagement:
- Involves the community in decision-making processes.
- Holding a poll to gather feedback and insights on the recovery plan.
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Transparency and Trust:
- Fostering transparency in the recovery process.
- Building trust with the community through open communication.
- Deadline for Recovery:
- Aim to complete the recovery strategy by August 3.
- Working diligently to expedite the recovery process.
Unique Recovery Approach for Crypto Users 🛡️
The recovery strategy adopted by WazirX sets a precedent in the crypto space by prioritizing community involvement and flexibility in fund access. It aims to empower users and rebuild trust in the platform. By focusing on transparency and engagement, WazirX is taking proactive steps to bounce back from the hack.
Next Steps in the Recovery Journey 🚀
As WazirX progresses with its recovery plan, the active participation of the crypto community will play a pivotal role in shaping the outcome. By fostering collaboration and transparency, WazirX is not only recovering from the hack but also strengthening its ties with users. Stay tuned for further updates on the recovery progress as WazirX continues its journey towards recouping the $230 million loss.
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