On July 27th, WazirX co-founder Nischal wrote in X that the fastest way to re-open the API for operation is to socialize the loss of the entire crypto portfolio. INR wallet balances will not be affected. This partial lock is only applicable to crypto portfolio balances. This is the first phase where everyone will have access to a part of the cryptocurrency portfolio. The second phase team will work on recovery, recovery efforts will include recovering stolen assets, finding partners and outside help, airdrops/new token use cases, etc. We are also looking at how to fill this gap with future profits from the exchange if the business can grow. It will take a long time for such a large amount to recover. By socializing the loss, as other affected exchanges have done in the past, we were able to open the API for everyone faster. With the continued support of our users, we will be able to: 1. Restart operations; 2. Carry out recovery efforts through various methods. Earlier today, WazirX released a recent security incident update: To facilitate the management of users' remaining assets, we will provide two options, each with specific benefits and conditions. 55% of users' crypto assets will be available for trading and/or withdrawal (depending on the option selected by the user), while the remaining 45% will be converted into USDT equivalent tokens and locked.