🚨 WazirX Recovery Proposal 🚨 In light of the recent hack

impacting WazirX, here's a recovery idea:

Issue RecoveryToken (RCT): Create a new token, RCT, to represent the value of the lost assets. This token would be distributed to affected users based on their losses.

💰Boost Value: WazirX can use future profits and operational revenues to increase the value of RCT. This could involve reinvesting earnings and implementing strategic buybacks to enhance its value over time.

📈Redemption: Once RCT gains stability and sufficient value, users could convert these tokens back into cryptocurrencies or fiat. This provides a pathway for users to recover their lost funds as the value of RCT grows.

🔄Example: Bitfinex used a similar approach with their BFX tokens after their 2016 hack. This strategy helped stabilize the exchange and restore user confidence.

🤝What do you think of this proposal?

Let’s discuss how we can support WazirX and find solutions together. Share your thoughts and ideas! 🤔

#WazirX #CryptoRecovery #Bitfinex

🟢 hi! If you need help related to the WazirX app or website, kindly visit our Support section, and you'll find relevant articles. 🗞️ 🟡 If you still face any issues, WazirX Chat Support is available 24*7 on the bottom right corner of the support page. 🙋 🔴 Official support is not provided on Telegram. In case, someone sends you a PM first, report and block them. 💯 🚨Note:🚨 WazirX have no direct email ID for resolving the issues. Please use chat option only.

Who will buy RCT ???🙂 And whyy??? Because u didn't want to hold u even want to get rid of it ...

other exchange like dcx wanna cash on this opportunity we as wrx communit request exchange to tighten security measures . we assure loyalty to this provided transparency and updated security measures

Wdym by affected users? The funds were gone from a miltisig wallet, which is a common pool not from individual users' wallets. So technically, there's no individual affected users but the exchange lost funds. It's not about issuing token, it's about liquidity.

If Wazirx didn't restore the funds from the hacker, then Wazirx would have to raise the money else it should have to distribute RCT tokens to the affected users. Check Bitfinex exchange - it has suffered a loss of around 36% of its entire funds and it provided RCT tokens and gained trust and within a year all got the funds they lost.

No one gonna trust indian exchanges after this😔

True.... Moving to other exchange is better where you can atleast take out all profits instead of paying 1/3rd to govt who wont support us during these times.

🟢 hi! If you need help related to the WazirX app or website, kindly visit our Support section, and you'll find relevant articles. 🗞️ 🟡 If you still face any issues, WazirX Chat Support is available 24*7 on the bottom right corner of the support page. 🙋 🔴 Official support is not provided on Telegram. In case, someone sends you a PM first, report and block them. 💯 🚨Note:🚨 WazirX have no direct email ID for resolving the issues. Please use chat option only.

Wazirx holds the address of the affected users. It pooled all the user funds in one wallet. So, technically wazirx knows who are all affected and not. I'm one of the people affected most terribly.

#MeToo

Yes, if it provides an RCT token users have no way to stay in wazirx till they recover their lost amount. In the meantime Wazirx can push money from their profits to make its token worthy and buy it back from the users. So, by selling it to the wazirx again the users funds are restored. It may take a year or more but at least if wazirx provides then it's , a token of good sign.

Once you deposit, the funds will go to a common pool. This is not an account specific breach. So there's no thing as affected users. It's the company that affected and the impact may affect all users not a specific set of users

Inr wallet also goes to same pool