The post WazirX News: 85% Fund Recovery Plan Explained for Affected Users appeared first on Coinpedia Fintech News The Supreme Court recently dismissed a petition filed by WazirX users following the platform’s major hack in July 2024. The hack, which resulted in the theft of Rs. 2,000 crore worth of crypto , left over 4.4 million users locked out of their accounts. This incident, and the court’s rejection of the petition, has highlighted the glaring gaps in India’s crypto regulations , leaving users vulnerable and raising questions about the country’s ability to protect digital asset holders. The WazirX Hack: A Blow to 4.4 Million Users On July 18, 2024, WazirX, one of India’s largest crypto exchanges , was targeted in a massive hack that saw a significant portion of user funds stolen. Despite the exchange’s promise to restore 85% of users’ funds by May 2025, many affected users are dissatisfied with the compensation plan. This led 54 users to file a petition with the Supreme Court, seeking intervention in the ongoing restructuring process happening in Singapore, and requesting a thorough investigation into the exchange’s fund mismanagement. Supreme Court’s Decision: A Setback for Users The Supreme Court, led by Justice B R Gavai and Justice Augustine Masih, dismissed the petition, citing the absence of clear crypto regulations in India . The ruling underscored the limitations of the current legal framework, leaving victims of crypto hacks, such as the WazirX incident, with little recourse in the Indian legal system. WazirX’s Restructuring Plan: Fund Recovery on the Horizon In response to the hack, WazirX management proposed a restructuring plan to the Singapore Court, promising to restore 85% of affected user funds by May 2025. The remaining 15% will be returned over the following 2-3 years, depending on the exchange’s recovery and future profits. While the restructuring plan has received user support, the Singapore court’s approval is still pending. WazirX Users Vote in Favor of the Recovery Plan Despite the legal hurdles, WazirX claims that more than 93% of users support the exchange’s restructuring proposal, following a vote conducted in partnership with legal firm Kroll. The Call for Crypto Regulation in India The WazirX case serves as a wake-up call for India, highlighting the urgent need for a clear and robust cryptocurrency regulatory framework. While countries like the U.S. have embraced pro-crypto policies , India’s regulatory stance remains largely outdated. The WazirX hack exposes how India’s failure to adopt progressive crypto laws leaves users at risk, preventing the sector from reaching its full potential. As the global crypto landscape continues to evolve, India risks falling behind if it does not address its regulatory shortcomings. The WazirX saga illustrates the challenges faced by users in a legal vacuum, emphasizing the need for stronger regulations to protect the growing crypto community in India. FAQs How does WazirX’s restructuring plan work for affected users? WazirX’s restructuring plan aims to restore 85% of the crypto portfolios for affected WazirX users by May 2025. The remaining 15% of the funds will be returned over the next 2-3 years, depending on the exchange’s recovery and future profits. This plan is part of the ongoing restructuring process being presented in the Singapore court. While WazirX claims over 93% of users support this proposal, the plan still awaits court approval. What steps are WazirX users required to take to benefit from the proposed 85% fund recovery in the restructuring plan? WazirX users need to stay updated on the restructuring process, accept the plan, and possibly verify their accounts to claim their share of the 85% fund recovery. Why is WazirX promising to restore only 85% of the users’ funds, and what happens to the remaining 15%? WazirX is restoring 85% due to financial constraints after the hack. The remaining 15% will be returned over 2-3 years, depending on the exchange’s future profits and recovery. How does WazirX plan to recover the remaining 15% of funds over the next 2-3 years for users affected by the hack? WazirX plans to recover the remaining 15% through future profits and successful financial recovery, returning the funds once the exchange is in a better financial position.
Kremlin: Russia Could Offer Military Support to North Korea if Necessary – RIA
SINGAPORE , April 28, 2025 /PRNewswire/ — As Layer 2 scaling solutions remain a focal point of industry discourse, Sonic presents a fundamental shift in blockchain architecture. HTX Research has announced the release of its latest report, “ Sonic: A Model for the New DeFi Paradigm ” The report dives into the details of the Sonic public chain. Sonic’s Evolution: 2000+ TPS, 0.7s Confirmation, Near-Zero Fees The Fantom Opera blockchain, initially recognized for its speed and throughput as a high-performance aDAG-based Layer 1 solution, encountered scalability limitations as its ecosystem expanded. Its traditional EVM architecture struggled with bloated state storage, slow node synchronization, and execution bottlenecks. To overcome these challenges without resorting to sharding or Layer 2 solutions, Fantom developed Sonic — a fundamental redesign engineered to deliver a significant performance leap. Sonic Labs, a new team led by CEO Michael Kong , CTO Andre Cronje (founder of Yearn Finance), and Chief Research Officer Bernhard Scholz , dedicated two and a half years to the redesign of Fantom’s virtual machine, storage, and consensus. They built Sonic, a new, independent EVM-compatible chain capable of processing over 2,000 TPS, achieving 0.7-second finality, and executing transactions at a cost of $0.0001 . It also improves storage efficiency by 90% and reduces node synchronization time from weeks to under two days. Technical Innovations Driving Sonic’s Performance Sonic’s enhanced performance is underpinned by three core technological advancements: SonicVM: A newly developed virtual machine fully compatible with the EVM, SonicVM optimizes computationally intensive operations like SHA3 hashing, pre-analyzes jump instructions, delivers significantly faster execution, and supports high throughput. SonicDB : Achieving nearly 90% data compression, SonicDB uses a layered storage strategy that splits the blockchain state into two databases: LiveDB for the current global state and ArchiveDB for historical blocks and states. This reduces node requirements and enhances network resilience through greater decentralization. Sonic Gateway : Functioning like an “L2-like” bridging solution to Ethereum, it uses a batch processing mechanism that strikes a balance between security and efficiency, enabling seamless two-way asset transfers and ecosystem access. Stablecoin Ecosystem: Nested Yield and Resilient Growth Defying market trends in 2025, Sonic’s on-chain Total Value Locked (TVL) surged by over 500%, with the total stablecoin supply surpassing $260 million . This growth is driven by sophisticated high-leverage yield mechanisms. Silo v2 Loop Lending: Use staked S tokens to borrow stablecoins, achieving up to 20x exposure to capture combined incentives alongside stable yield spreads. Euler + Rings Protocol Combo: Deposit USDC to mint scUSD, then use leverage to potentially achieve up to 10x yield, along with Sonic points and protocol rewards. Shadow DEX Liquidity Provision for Rewards : By facilitating trading activity, particularly with the S/stS pair on Shadow, users can earn up to 169% APY and a share of trading fees. Looking ahead, the ecosystem will incorporate Real World Asset (RWA) yields and off-chain payment solutions to create a sustainable and widely used stablecoin ecosystem backed by compliant assets and real-world applications. Conclusion: Sonic – Leading the Charge in DeFi 2.0 Sonic’s high performance, nested yields, and accessibility position it for rapid growth, with the potential to exceed $2B TVL and a multi-billion $S token market cap within a year. More importantly, Sonic is championing an “efficiency revolution” in blockchain design—prioritizing performance and capital efficiency to attract liquidity. The report identifies technical challenges, including the adaptive AMM’s reliance on external oracles, which introduces potential vulnerabilities. Furthermore, the inherent risks of high-leverage strategies in volatile markets necessitate the use of hedging instruments, such as short perpetual futures, to mitigate potential liquidations. From a broader view, Sonic is well-positioned to lead the expected 2025 DeFi resurgence. Its thriving stablecoin ecosystem boosts the value of both the $S token and the network. Even in a bear market, Sonic demonstrates the potential for DeFi to establish resilient “yield havens” through innovation and performance. With its nested yields, developer-focused incentives, and efficient infrastructure, Sonic provides a model for the industry. The integration of RWAs and payment tools could place Sonic as a critical bridge between on-chain yields and real-world utility, driving DeFi toward mass adoption For full report, please visit: https://square.htx.com/wp-content/uploads/2025/04/HTX-Research-Latest-Report-1-1.pdf About HTX Research HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.
Binance, the world's largest cryptocurrency exchange, started the new day with an altcoin listing. At this point, the listing news came for the altcoin called JST. Binance announced that it has listed JST on futures with 75x leverage. “To expand the list of trading options offered on Binance Futures and enhance users’ trading experience, Binance Futures will be launching the following perpetual contracts: 28.04.2025 at 09:30 (UTC): JSTUSDT Perpetual Contract with up to 75x leverage” *This is not investment advice. Continue Reading: JUST IN! Morning Listing from Binance! Another New Altcoin Listed, Price Jumped!
The post Ethereum’s Ambitious Plan to Scale TPS to 2,000 with 100x Gas Limit Boost appeared first on Coinpedia Fintech News Dankrad Feist, a researcher from Ethereum, has unveiled a four-year plan to increase the blockchain’s gas limit by 100x. This ambitious move could potentially raise Ethereum’s transactions per second (TPS) to 2,000, significantly improving the blockchain’s scalability and performance. The plan aims to enhance Ethereum’s efficiency, paving the way for a more robust and faster network to handle growing demand in the crypto space.
In a significant development for traders, Binance has announced the upcoming launch of the JSTUSDT perpetual contract, set for April 28, 2025, at 17:30 (UTC+8). This new trading option will
The post Nexo Returns to the U.S. Market with New Offerings appeared first on Coinpedia Fintech News Nexo has officially reentered the U.S. market, offering high-yield crypto savings accounts, asset-backed credit lines, and trading and liquidity services for both retail and institutional clients. The announcement was made at a special business event, attended by figures such as Donald Trump Jr. This comes after Nexo’s partial exit in late 2022, when it stopped providing its Earn Interest product in eight states and halted new user registrations across the U.S.
Ethereum-based fixed-rate lending platform Term Finance has recovered $1 million of the $1.6 million lost due to a misconfigured oracle that triggered erroneous liquidations in its Treehouse (tETH) market. In a statement posted on X , Term Finance detailed the recovery efforts, noting that 223.197 ETH (approximately $400,000) was recaptured internally, while an additional 333 ETH (around $600,000) was secured through negotiations. The outstanding loss now stands at 362.03 ETH, valued at roughly $650,000 — a significant reduction from the initial impact of 918 ETH. Term Finance Clarifies Oracle Incident Was a Bug, Not a Hack Addressing concerns raised by security analysts, Term Finance clarified that the incident was not the result of a hack. Instead, a bug in an updated ETH oracle caused the liquidation error. “No smart contracts were exploited, and user funds were not directly targeted,” the team emphasized. However, details regarding the negotiation process for the returned funds remain undisclosed, and Term Finance has yet to provide further comment. An update on our ongoing recovery efforts after yesterday’s oracle issue: The total outstanding loss is now 362.03 ETH (~$650K) — significantly reduced from the original 918 ETH impact. Of the original loss: 223.197 ETH was captured internally, 333 ETH was successfully… — Term Labs (@term_labs) April 27, 2025 This oracle mishap adds to a growing list of recent vulnerabilities within the DeFi sector. Just days earlier, Solana-based platform Loopscale suffered a $5.8 million exploit , while crypto exchange Bitget reported a $20 million loss after coordinated manipulation of a lesser-known token market. Bitget has announced legal action against eight accounts linked to the incident. Additionally, Impermax Finance fell victim to a flash loan attack over the weekend, resulting in losses exceeding $150,000, according to security firm TenArmor. The protocol confirmed the breach, promising a detailed post-mortem once investigations conclude. Recoveries in such cases remain inconsistent across the industry. Bybit CEO Ben Zhou recently disclosed that following a $1.4 billion hack in February, nearly 28% of the stolen funds had become untraceable after being laundered through mixers and peer-to-peer platforms. Only a fraction (3.84%) has been successfully frozen. Crypto Lost $1.6 Billion to Hacks in Q1 In the first three months of 2025, the crypto ecosystem lost a whopping $1,635,933,800 across 39 incidents, according to the blockchain security platform Immunefi . The report claimed, “Q1 2025 marks the worst quarter for hacks in the history of the crypto ecosystem.” Most of that was the result of only two hacks of two centralized exchanges. Phemex suffered a $69.1 million loss in January, while Bybit lost $1.46 billion in February. Subsequently, the total number of losses in the first quarter marks a 4.7x increase compared to Q1 2024 . At that time, hackers and fraudsters stole $348,251,217. Notably, experts assume that the infamous North Korean Lazarus Group is behind the two largest attacks. They stole $1.52 billion, which is 94% of total losses. The post Term Finance Recovers $1M After Oracle Error Triggers $1.6M Liquidation Loss appeared first on Cryptonews .
Warren and Schiff cite "pay to play" concerns after the Trump token surged following the promise of an exclusive dinner with the President.
Adam Back forecasts Bitcoin will hit $500,000 to $1 million by year-end. Bitcoin is in the early stages of a significant new bull cycle. Continue Reading: Blockstream CEO Predicts Bitcoin Prices Will Skyrocket by Year-End! The post Blockstream CEO Predicts Bitcoin Prices Will Skyrocket by Year-End! appeared first on COINTURK NEWS .