WazirX users can expect to lose 40% of their funds, report
Users of Indian crypto exchange WazirX have been told that they are likely to lose more than 40% of any funds they had on the platform, following a $234 million hack in July. WazirX is currently undergoing a restructuring process in the wake of the hack and last week asked Singapore’s high court for “breathing space” to allow it to work on finding the “fastest and most effective process for users to receive improved token recoveries.” However, as reported by TechCrunch, according to the restructuring firm working with WazirX, customers will likely have to give up “at least 43%” of their funds. Kroll director George Gwee said that the best users could hope for would likely be “ anywhere between 55% and 57% of the funds ,” with WazirX stating that its priority would be to distribute remaining token assets to users in a pro-rata manner via crypto. According to the firm, “The impact from the cyberattack will be allocated pro-rata across users who rank equally with each other as unsecu...