WazirX Exchange is back to life after its major hack, and now, the firm plans to refund its users from revenue made
WazirX, the Indian cryptocurrency exchange that suffered a malicious attack in July, plans to relaunch trading activities on the platform. WazirX, which lost approximately $235 million in funds from the Safe Multisig wallet, hopes to organize an airdrop of “recovery tokens” before the launch.
WazirX Expands Services to Drive Recovery Efforts
Nischal Shetty, the WazirX co-founder, shared this development on YouTube during the exchange’s fourth town hall session. According to Shetty, the strategy will allow creditors to recover about 48% of their lost funds by trading tokens on the platform.
Shetty says the re-launch scheduled for February 2025 will allocate some of the generated fees toward creditor recovery. This will involve a buyback of recovery tokens strategy to achieve. Additionally, the exchange plans to roll out new offerings such as futures trading, crypto staking, and over-the-counter desk.
According to Shetty, other noteworthy plans include developing a decentralized exchange (DEX). The DEX will operate alongside its existing platform to satisfy users’ requests for self-custody options. It will also feature a native governance token so users can trade and earn rewards within the ecosystem.
WazirX Vows Legal Actions to Recover Stolen Assets
Meanwhile, WazirX maintains it will continue to pursue all legal avenues to reclaim illiquid and stolen assets In an X post, the exchange stated this will include tracking the stolen assets and preventing their unauthorized withdrawals. It hopes to do this and maximize potential returns for creditors.
WazirX has previously proposed a 55/45 loss strategy, where users gain access to 55% of their assets. This offer came about two weeks after the crypto exchange suffered a hack in which the bad actors stole $100 million worth of Shiba Inu (SHIB) tokens. Other assets lost were $52 million in Ethereum (ETH), $11 million in Polygon’s MATIC, and $6 million in Pepe Coin (PEPE).
According to a report from Arkham, an on-chain analytics platform, the hacker has laundered some of the stolen funds. A significant 5,000 Ethereum, or $12 million worth of ETH, was moved in batches of 100 Ether using Tornado Cash.
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