In a stunning reversal, cryptocurrency exchange WazirX has abandoned its plan to socialize losses among users following a recent hack. The decision comes after a fierce backlash from users who refused to bear the brunt of the exchange’s security failure.
The hack, which occurred on August 1, resulted in a significant loss of user funds. Initially, WazirX proposed to distribute the losses among all users, sparking widespread outrage and concerns about the exchange’s accountability.
Users took to social media to express their discontent, arguing that they should not be penalized for the exchange’s security lapses. The backlash prompted WazirX to reconsider its decision, and the exchange has now announced that it will bear the losses itself.
While the reversal is a victory for users, concerns remain about the security of funds on the exchange. The incident highlights the risks associated with cryptocurrency trading and the need for exchanges to prioritize user security.
WazirX has assured users that it is taking steps to enhance security measures and prevent such incidents in the future. However, the damage to the exchange’s reputation may already be done, and users are advised to exercise caution when trading on the platform.