In the wake of the catastrophic WazirX hack, resulting in a staggering $230 million heist, the cryptocurrency exchange’s remedial proposal has encountered vehement opposition from its user base.

Backlash Against “Socialized Losses” Scheme

The crypto fraternity has vociferously condemned WazirX’s strategy, dubbed the “socialized losses” or 55/45 plan, particularly following a user poll indicating overwhelming dissent.

Read more: WazirX Investigates $235M Hack: No Compromise Found in Signer Machines

User Outrage Amplifies

The contentious 55/45 scheme entails allowing users to trade merely 55% of their holdings on the Indian exchange, with the remaining 45% being converted into USDT stablecoin or other tokens. These converted assets would then be immobilized on the platform. Notably, this mandate extends to all users, irrespective of whether their funds were compromised in the hack.

Implications and Community Response

This blanket approach has sparked significant ire, with many users decrying the perceived inequity and lack of agency in the proposed solution. The community’s reaction underscores the broader dissatisfaction and distrust towards the exchange’s handling of the crisis.

Navigating the Fallout

As the fallout from the WazirX hack continues to unfold, the exchange finds itself at a critical juncture. The pushback against the 55/45 plan highlights the urgent need for a more transparent and equitable resolution to regain user trust and stability within the platform.