WazirX Recovery Plan Faces Backlash After $230-Million Hack

• The FBI has reached out to WazirX to investigate the cyberattack, allegedly involving North Korean hackers, as the firm continues its recovery efforts."
• WazirX's proposed recovery strategy following a $230-million hack has been met with criticism from both customers and crypto influencers.
• The exchange revealed that 45% of its holding assets were lost in the breach, prompting a 55/45 approach to asset access and trading.
• Customers can vote on two proposed recovery options until August 3, but many find the 55/45 strategy unfair.
• Under the plan, 45% of remaining tokens will be converted to stablecoins (USDT) and locked, potentially reducing overall portfolio value.
• The exchange briefly restarted trading, allowing access to 55% of portfolio tokens regardless of whether assets were stolen.

Source: Moneycontrol, Techcrunch