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.

Crypto exchange WazirX has revealed new tactics to support its recovery efforts in its latest push.

The exchange has been facing immense pressure to restore operations and compensate users following a devastating hack that occurred on July 18, 2024, leading to a massive loss of $230 million.

In its latest effort to restore operations and compensate users, crypto exchange WazirX has unveiled a series of new strategies.

The exchange announced the new plans on November 7, 2024, with the aim of resolving its post-hack troubles. Among the key measures is the decision to reopen its platform, allowing users to resume trading.

According to the exchange, this move is intended to increase trading volumes and generate revenue that can be used to create a stream of recovery for awaiting creditors.

In addition to the new exchange launch, WazirX has also announced the upcoming launch of a decentralized exchange (DEX) as part of its mission, which it highlighted will serve as an additional revenue stream.

The exchange's latest announcement includes a teaser about launching a native token to compensate affected users, which has garnered significant attention.

While specific details, such as the launch timeline, were not disclosed by the exchange, it did mention that it will facilitate recovery token swaps to benefit creditors.

📢 Recovery Token for Outstanding Debt SettlementWe are working towards launching a Recovery Token. The token will be airdropped to Creditors proportionate to their balances on the platform.

The Recovery token will offer a path to recovery through:

1️⃣ Future platform profits… pic.twitter.com/dNe0OBlPDj

The 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.

Mounting User Frustration with WazirX

Since the July hack that resulted in a $230 million loss, users of WazirX 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.

#WazirX is coming with new ways to SCAM 🇮🇳Indian users now !

Ek CEX exchange inse sambhal nahi saka aur chale hai DEX sambhaalne 🤷

And off course the comments are DISABLED !"Fool me once, shame on you. Fool me twice, shame on me"

Only Fools will TRUST them….. pic.twitter.com/WCDzV1BZXH

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.