- Since the hack on the exchange, WazirX has yet to regain its footing.
- The exchange is mulling new strategies for recovery.
- WaziriX users remain in limbo.
Indian crypto exchange WazirX was among the biggest victims of industry hacks this year, suffering a massive loss of $230 million on July 18, 2024. Since the devastating attack, efforts to restore operations and compensate users have been ongoing, though no definitive solution has emerged.
The exchange has revealed new tactics to support its recovery efforts in its latest push.
WazirX Pens Fresh Post-Hack Strategy
A new string of plans is the latest in WazirX’s journey to resolving its post-hack troubles, announced on November 7, 2024. Top of the list is its decision to reopen its platform, allowing users to resume trading.
Sponsored
According to WazirX, this is aimed at driving up trading volumes and generating revenue that can be used to create a stream of recovery for awaiting creditors. The exchange added a decentralized exchange launch as part of its mission, which it emphasized will serve as an additional revenue stream.
The most attention-grabbing aspect of WazirX’s plan is its teaser about launching a native token to compensate affected users. While the exchange has withheld specific details, such as the launch timeline, it mentioned that it will facilitate recovery token swaps to benefit creditors.
WazirX’s recovery token will be airdropped to creditors in proportion to their platform balances, allowing them to convert the token into funds.
However, WazirX’s latest revelation has not received entirely positive feedback.
WazirX Faces Backlash
Since the July hack that resulted in a $230 million loss, WazirX users have voiced increasing frustration and concerns.
Weighing in on the latest announcement and proposed recovery token, X user Ajay Kash Yap expressed skepticism over the measures, questioning whether they will provide the long-awaited relief.
Echoing this sentiment, another user called out the exchange’s founder, saying their faith in WazirX was waning with each passing day without a clear resolution in sight.
Despite the skepticism, a few others have praised the ongoing recovery efforts, emphasizing that the exchange is actively working on solutions.
On the Flipside
- Following the cyberattack, WaxirX put out two sets of bounties to recover the stolen funds.
- In September, the exchange received court approval for a four-month moratorium to restructure and plan compensation.
Why This Matters
Trust is the backbone of the crypto industry, and events like hacks, while often unavoidable, can permanently damage investor confidence. For WazirX, stepping up its recovery efforts is crucial to restore credibility.
Find out more about user grievances and ongoing legal efforts against WazirX here:
WazirX Hack Victims Plan Class-Action Lawsuit Against the Exchange
Curious about Gary Gensler’s fate with Trump returning to office, read this article for details:
Gary Gensler Out of a Job? Trump Win Puts His Position in Doubt
