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WazirX

WazirX plans to restart trading alongside new features, a recovery token, and a decentralized exchange to make creditors whole.
Speaking at the company’s fourth town hall <a href="https://www.youtube.com/live/NfU7Yruatdo" target="_blank" rel="noopener noreferrer nofollow">session</a> on YouTube, WazirX co-founder Nischal Shetty disclosed plans to airdrop “recovery tokens” to creditors, enabling them to recover 48% of their lost funds by trading the tokens within the platform. The tokens would be distributed on a pro-rata basis.
To support recovery efforts, the exchange plans to relaunch trading by February 2025 and allocate a portion of generated fees toward creditor recovery through a buyback of recovery tokens. Further, to maximize revenue generation the exchange will introduce new offerings, crypto staking, over-the-counter desk, and futures trading.
Besides the new offerings, Shetty added that the company is in the initial stages of developing a decentralized exchange that will operate alongside the existing platform, citing <a href="https://crypto.news/coindcx-unveils-decentralized-custody-solution-following-wazirx-hack/" target="_blank" rel="noopener noreferrer nofollow">growing calls</a> from users for self-custody options.&nbsp;
The DEX will feature a native governance token allowing users to trade and earn rewards within the decentralized ecosystem while enhancing liquidity and user engagement. A portion of the revenue generated from the platform would be allocated towards recovery efforts. Users will also be able to swap their recovery tokens for the DEX tokens.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/coindcx-unveils-decentralized-custody-solution-following-wazirx-hack/"> CoinDCX unveils decentralized custody solution following WazirX hack </a>
Among other efforts, the exchange plans to recover funds by selling tokens held by third parties and is exploring partnerships with “white knight” investors for rescue financing.&nbsp;
“We will continue to pursue legal actions to reclaim illiquid and stolen assets actively, ensuring they are secured for Creditors’ benefit,” the exchange wrote in a Nov. 6 <a href="https://x.com/WazirXIndia/status/1854141317909299500" target="_blank" rel="noopener noreferrer nofollow">post</a>.
WazirX’s recovery efforts come in the wake of a <a href="https://crypto.news/wazirx-halts-trading-closes-deposits-following-235m-attack/" target="_blank" rel="noopener noreferrer nofollow">$235 million hack</a> in July that compelled it to suspend operations and pursue a <a href="https://crypto.news/the-inside-story-of-wazirxs-235m-hack/" target="_blank" rel="noopener noreferrer nofollow">restructuring process</a> in Singapore, where its parent firm Zettai is based.
So far, customers have been able to <a href="https://crypto.news/wazirx-announces-inr-withdrawals-provides-update-for-crypto-holders/" target="_blank" rel="noopener noreferrer nofollow">withdraw</a> 55% of their cryptocurrency holdings and 66% of their cash deposits, while the remainder of their fiat and crypto balances remain inaccessible.
Meanwhile, the platform has come under intense scrutiny from regulators, with India’s Financial Intelligence Unit reportedly <a href="https://crypto.news/indias-officials-probe-crypto-exchange-wazirx-over-235m-hack-report/" target="_blank" rel="noopener noreferrer nofollow">investigating</a> WazirX. A coalition of victims is also <a href="https://crypto.news/victims-sue-wazirx-over-235m-hack-class-action-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">pursuing a class-action lawsuit</a> with the National Consumer Disputes Redressal Commission in India, alongside two additional cases against the exchange currently filed in the Delhi High Court.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/wazirx-seeks-new-custodian-partner-with-insurance-for-funds/"> WazirX seeks new custodian partner with insurance for funds </a>

WazirX to restart trading and share revenue to pay back victims of $235m hack

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