WazirX, an Indian cryptocurrency exchange, has been hit by a significant cyberattack resulting in the theft of $230 million from its multisig wallet. The exchange has filed a First Information Report (FIR) with the Delhi Police to address the hack and is working to recover the stolen funds. In response to the incident, WazirX has proposed a 'socialized losses' plan, which has faced criticism from the crypto community. The plan suggests that 55% of assets remain tradable while 45% are locked as USDT. Additionally, WazirX and its partners face a petition with the National Company Law Tribunal (NCLT) following the theft. The Lazarus group, a North Korea-backed hacker group, has been identified as being behind the breach. WazirX plans to reverse all trades affected by the hack to restore account balances. Meanwhile, CoinDCX, a rival crypto exchange, has established a Rs 50-crore ($6 million) Crypto Investor Protection Fund to safeguard its users against similar security breaches. The fund aims to provide a financial cushion for customers in case of future cyberattacks.