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WazirX Cyberattack Triggers Socialized Loss Strategy

Indian cryptocurrency exchange WazirX plans to restore operations and user access to funds following a $230m cyberattack. WazirX will use a socialised loss strategy to distribute losses, with 55% of users’ assets open to trading, while the remaining 45% will be converted into USDT-equivalent tokens. The company’s recovery phase will include attempts to recover stolen assets, seek external help and explore future profits as compensation.

Source: thecyberexpress.com –

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