tl;dr
Sumit Gupta, CEO of CoinDCX, has strongly criticized WazirX's proposed compensation plan for users impacted by a $230 million hack. Gupta's remarks highlight growing dissatisfaction within the crypto community regarding WazirX's handling of the hack and its aftermath. He argues that the exchange's r...
COINDCX CEO SLAMS WAZIRX HACK COMPENSATION PLAN
Sumit Gupta, CEO of CoinDCX, has strongly criticized WazirX's proposed compensation plan for users impacted by a $230 million hack. Gupta's remarks highlight growing dissatisfaction within the crypto community regarding WazirX's handling of the hack and its aftermath. He argues that the exchange's response prioritizes business interests over customer welfare and labels the compensation plan as "utter nonsense." The proposed options for user compensation have also raised concerns, including forced token conversions and tax implications. The poll deadline for user feedback is August 3, 2024.
WAZIRX HACK POLL OPTIONS
The compensation poll, updated every 15 minutes, presents users with two choices:
ISSUES WITH THE PROPOSED COMPENSATION
The snapshot for valuing user portfolios was taken on July 21, three days after the WazirX hack, which critics argue is unfair. In addition, the Indian exchange continued to allow deposits and trading even after halting withdrawals on July 18. This led to illegal trading and significant losses due to panic selling. The timing of the snapshot is seen by many as a way to downplay the extent of the losses users experienced. The exchange will offer a basket of tokens equivalent in value to the stolen assets to users. It will be based on average prices from CoinMarketCap and select global exchanges as of July 21, 2024, at 8:30 p.m. IST. While this replacement aims to address the value of stolen tokens, it does not resolve issues related to the snapshot date. Furthermore, the conversion of stolen tokens into a balanced crypto basket will incur a 1% Tax Deducted at Source (TDS). Additionally, users may face a 30% capital gains tax on any appreciated tokens that were replaced. This may add to the financial burden on users who are already dealing with significant losses if the exchange refuses to take responsibility. Moreover, the exchange has announced plans to set daily withdrawal limits on the 55% of funds users can access. This restriction further hampers users’ financial flexibility. The WazirX hack poll deadline is set for August 3, 2024, and further updates may be provided then.
More about Telephone and Data Systems Inc
Company: Telephone and Data Systems Inc
Industry: Technology, Telephone Communications (No Radiotelephone)
Market Cap: 2385493000
Dividend Yield: 0.745
EPS: -4.88
P/E Ratio: 45.3
Beta: -0.0936
Revenue: 5119000000
ROE: 21
Net Margin: -0.118
Current Ratio: -0.031