WazirX leadership has decided to bring services back live and introduce new crypto products to increase the exchange’s revenue in order to compensate customers.
WazirX, a Singapore-based crypto exchange popular in India, faced a hack incident 4 months ago and lost nearly half of the customers’ funds. Since then, services have been suspended, and funds have been frozen on the exchange.
On 6 Nov 2024, WazirX announced that it is going to restart its crypto trading services for customers. The trade fee revenue generated by the exchange will also go to the WazirX customers.
To start a new revenue stream for the exchange, a new decentralized crypto exchange (DEX) will be developed by WazirX. A new token will also be launched for the DEX. All these initiatives will help WazirX compensate customers in a shorter time.
(1/4) 📢 Initiatives to maximize fund recovery for Creditors:1️⃣ Restart trading on the WazirX platformWe will reopen the WazirX platform, allowing users to resume trading and potentially driving up trading volumes. Fees generated during this period will be shared with… pic.twitter.com/PWhi4zIxUl
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 6, 2024
Along with these initiatives, the exchange will establish new partnerships to collect funds for customer compensation and also introduce crypto staking services on the platform, where users can earn returns on their investment by participating in blockchain networks.
(2/4) b) Crypto Staking: Staking will let users earn rewards by staking account token balances to support a blockchain network.How will it work?» Users would be able to deposit tokens into our staking pool or directly use staking smart contracts across multiple blockchains.…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 6, 2024
WazirX’s team ensured that they will continue tracking the stolen funds so that illegal withdrawals can be stopped, increasing the chances of compensation for customers.
WazirX Town Hall Discussion
Today, the town hall discussion focused on all of these plans. In particular, a WazirX customer asked why WazirX CEO Nischal Shetty had not contributed any funds to compensate customers. Nischal replied that WazirX would share its future profits with customers. For this statement, critics criticised him heavily.
One user asked nischal in town hall, why there is no contribution from your side ? Nischal – we will share future wazirx profits with users. 🤦♂️Bro lives in some other multiverse.
— Aditya Singh (@CryptooAdy) November 6, 2024
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