CoinDCX Challenges WazirX’s Decision to Transfer 45% Losses to Customers

Sumit Gupta, CEO of Indian crypto exchange CoinDCX, has criticized WazirX’s handling of a recent $230 million cyberattack, which led to a proposed 45% loss being passed on to users. 

Gupta condemned this approach as unfair, arguing that WazirX should absorb the losses itself rather than burdening customers. He criticized WazirX’s strategy as not being community-first and suggested it could damage the exchange’s reputation. WazirX is currently working to recover from the attack. Providing updates on recovery efforts, and has launched a $23 million bounty program to track down the stolen assets. 

Despite the breach, WazirX assures users that INR funds are secure and legal actions are underway.

Clever Robot News Desk 31^st July 2024