WazirX is preparing to relaunch trading on its with enhanced features, a recovery plan designed to compensate creditors and victims of its July hack.
The Indian crypto exchange announced plans to restart trading by February 2025 and roll out new revenue-generating features, including crypto staking, an over-the-counter desk, and futures trading.
During the company’s fourth town hall on YouTube, co-founder Nischal Shetty announced plans to airdrop “recovery tokens” to affected creditors. These tokens, allocated pro-rata, are intended to help users regain 48% of their lost funds through trading within the platform. He noted the exchange is dedicating a portion of the fees obtained from its operation to buy back the tokens.
Shetty also revealed that WazirX is in the early stages of building a decentralised exchange (DEX) to run alongside its current platform, responding to increasing user demand for self-custody solutions.
The DEX will include a native governance token, enabling users to trade, earn rewards, and boost liquidity in a more engaging decentralized ecosystem. A portion of the DEX’s revenue will contribute to recovery efforts, and users will have the option to exchange their recovery tokens for the DEX tokens.
Additionally, the exchange aims to recover funds by liquidating third-party-held tokens and seeks partnerships with “white knight” investors to secure rescue financing.
In a statement on November 6, the exchange affirmed,
“We will actively continue legal actions to recover illiquid and stolen assets, ensuring they are secured for creditors’ benefit.”
WazirX lost over $235 million during the hack which involved a breach in one of its multisig wallets. The exchange’s team temporarily suspended withdrawals after the attack and started actively investigating the breach. Notably, they are collaborating with law enforcement authorities, including India’s Financial Intelligence Unit (FIU), on the investigation. The exchange has reportedly shared server logs, transaction records, and wallet addresses with authorities, while FIU is also consulting other Indian crypto industry stakeholders to assess the breach’s broader impact.
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