According to Deep Tide TechFlow news, on November 7, Indian cryptocurrency exchange WazirX announced a series of initiatives aimed at maximizing creditor fund recovery. WazirX will reopen its trading platform, allowing users to resume trading to increase trading volume. The transaction fees generated during this period will be shared with creditors, creating new channels for fund recovery.
Additionally, WazirX plans to launch several new businesses:
Decentralized Exchange (DEX): Combining the user-friendly experience of centralized exchanges with the security of self-custody. WazirX will issue a native DEX token and support creditors in redeeming recovery tokens.
Cryptocurrency Staking: Users can support blockchain networks by staking their token balances and earn rewards.
Over-the-Counter (OTC) desk: Providing large-scale cryptocurrency trading services for institutional investors and high-net-worth individuals.
Futures Trading: Allowing users to speculate on future cryptocurrency price movements, offering leveraged options.
WazirX founder Nischal Shetty stated that the decision to launch a DEX is a response to the WazirX security incident in July 2024, during which attackers stole approximately $235 million of user funds from the exchange. The latest initiative will help eliminate the inherent counterparty risks associated with centralized platforms.
WazirX also stated that it will continue legal action to recover illiquid and stolen assets to ensure these assets are used for the benefit of creditors. The company will track these assets and prevent unauthorized withdrawals to maximize potential returns for creditors.