On July 18, cryptocurrency exchange WazirX experienced a cyberattack resulting in the loss of $235 million, or 45% of its assets, from its Ethereum wallet.
WazirX is now working closely with government agencies to investigate the incident. Authorities, including the FIU, IB, and CERT-In, have been questioning the exchange’s founders and requesting details on the unauthorized transfers linked to the hack.
WazirX plans to resume trading by February 2025, introducing new features like a recovery token and a decentralized exchange (DEX) to help creditors reclaim funds lost in a $235 million hack.
Co-founder Nischal Shetty announced that “recovery tokens” will be airdropped to creditors, allowing them to recover up to 48% of their lost assets, with proceeds from trading fees going toward buybacks of these tokens. The DEX will feature a governance token and offer users self-custody options.
Additional recovery efforts include selling third-party tokens, rescue financing, and legal actions to recover stolen funds. WazirX faces regulatory scrutiny in India, as well as lawsuits from affected users.
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