WazirX Works to Reopen Platform and Compensate Users After $235 Million Hack

WazirX, a prominent Indian cryptocurrency exchange, is making strides to reopen its platform and compensate users affected by the massive hack in July 2024. The cyberattack resulted in the theft of $235 million, causing significant disruption and financial loss for its users.

Efforts to Reopen the Platform

WazirX has been diligently working to restore its services and ensure the security of its platform. “We are committed to reopening our exchange and providing a secure environment for our users,” said Nischal Shetty, CEO of WazirX. The exchange paused its services following the hack and is now focused on restructuring to refund remaining customer funds under a court order in Singapore.

Compensation for Affected Users

The exchange has proposed a comprehensive plan to compensate affected users. “Our priority is to ensure that all affected users are reimbursed for their losses,” Shetty emphasized. The plan includes a phased approach to refunding users, with the first phase focusing on returning liquid assets.

Plans for DEX Launch Amid Recovery Efforts

In addition to reopening its platform, WazirX has proposed launching a decentralized exchange (DEX) once the court-approved recovery plan is finalized. “The DEX launch will help us generate new revenue to compensate those affected by the hack,” Shetty explained. However, this proposal has faced resistance from the crypto community, with many users demanding that the exchange prioritize returning their funds first.

He is Nischal Shetty founder of WazirX. Hackers steal nearly ₹2,000cr from WazirX crypto bourse.

Just look at his arrogance, what must be hurting all WazirX user is "HIS LAUGH"#WazirXIndia #nischalshetty pic.twitter.com/WBP3HHe5uK

— nitin hajare (@nitinhajare_) August 21, 2024

Community Reactions and Challenges

WazirX’s recovery efforts have been met with mixed reactions. Some users have expressed frustration over the delays in reimbursement and the exchange’s handling of the situation. “We need transparency and timely compensation,” said one affected user. Despite these challenges, WazirX remains optimistic about its recovery plan and the future of its platform.

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