Crypto exchange WazirX has unveiled a plan to return funds after being hacked

In an effort to minimize disruption and return funds to customers, the Indian company has unveiled a refund plan.

The WazirX team announced that it has opted for a 55/45 approach that gives users immediate access to 55% of their assets and locks the remaining 45% in USDT equivalent tokens. This strategy differs from the usual foot-dragging in such situations.

Crypto exchange WazirX offered its users two different options for managing the remaining assets. The clients of the platform will be able to choose the option that suits them until August 3, 2023.

The company will create a diversified portfolio for the unlocked 55% of users' assets to ensure their fair distribution. The value of the portfolio itself will be calculated based on CoinMarketCap's average prices as of July 21, 2024, the date of the massive exploit.

WazirX also announced that cryptocurrency transactions will resume once users complete the survey and choose the best asset management option for them.