WazirX Cyberattack Triggers Socialized Loss Strategy

Indian crypto exchange WazirX plans to socialise losses among all users after a cyberattack resulted in over $230m in losses. The company will allow users access to 55% of their assets for trading or withdrawal, while the remaining 45% will be converted to USDT-equivalent tokens and locked. The loss-sharing approach is designed to allow the platform to resume operations faster while the recovery phase begins.