WazirX Co-founder: The compensation plan does not involve the INR wallet balance, and future recovery measures include recovering stolen assets, aird

WazirX co-founder Nischal posted on X that the quickest way to reopen the platform for operation is to socialize the losses of the entire cryptocurrency investment portfolio. INR wallet balances will not be affected. This locking only applies to the cryptocurrency investment portfolio balance.

This is the first phase where everyone can access a part of the cryptocurrency investment portfolio. In the second phase, the team will focus on recovery, which will include recovering stolen assets, seeking partners and external help, airdrops/new token use cases, etc. We are also considering how to fill this gap with the future profits of the exchange if we can develop the business.

Recovering such a large amount will take a long time. By socializing the losses, as other affected exchanges have done in the past, we can open the platform faster for everyone.

With the continued support of our users, we will be able to:

1. Restart operations;

2. Undertake recovery work through various methods.

Earlier today, WazirX released an update on the recent security incident: To facilitate the management of users' remaining assets, we will provide two options, each with specific benefits and conditions. 55% of users' cryptocurrency assets will be available for trading and/or withdrawal (depending on the option chosen by the user), while the remaining 45% will be converted into USDT or equivalent tokens and locked.