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Decentralized Exchange Launch: WazirX to introduce DEX with features like crypto staking, OTC desk, and futures trading.
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Recovery Tokens for Users: WazirX to issue tokens to compensate users affected by cyberattack, representing 48% of lost funds.
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Focus on Decentralized Finance: WazirX aims to promote self-custody and decentralized trading, tapping into growing demand.
WazirX, an Indian cryptocurrency exchange, has announced plans to launch a decentralized exchange (DEX) and revamp its platform after suffering a massive cyberattack that resulted in losses worth Rs 2,000 crore. The new DEX and revamped platform will introduce features like crypto staking, an over-the-counter (OTC) desk, and futures trading.
To compensate affected users, WazirX will issue “recovery tokens” representing 48% of their lost funds. These tokens can be traded for immediate compensation or held for potential long-term recovery through future platform profits. WazirX’s Founder and CEO, Nischal Shetty, emphasized the growing preference for self-custody and decentralized finance.
The new platform and DEX are expected to launch by February, with profits generated going towards reimbursing creditors. Despite efforts to recover from the attack, financial advisors warn that only around 57% of losses may be reimbursed, potentially leaving users with unrecovered losses of approximately Rs 850 crore.
