On Saturday, WazirX revealed its contentious plan to split the loss among all of its clients. WazirX stated last week in a blog post that it is handling the situation fairly and transparently. It said that the strategy seeks to fairly split the financial impact among all users. Additionally, this approach provides a quicker, more adaptable solution than conventional recovery techniques, which can take years.
The cofounder of CoinDCX, the exchange’s main rival, advised WazirX to reconsider how it was handling the circumstance. He emphasised that WazirX is not putting the “community first” in this situation, and he believes that this will not go over well with them. He went on to say that the company, the Treasury, and the assets it owns should always bear the brunt of losses. He claimed that he had not seen any such commitment from the business and that it was absurd to force the customers to bear the full 45% of the losses.
He added a warning that the incident may result in a loss of involvement in the larger cryptocurrency ecosystem. Additionally, WazirX’s socialised loss strategy has not been well received by platform users.
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