{"id":18656,"date":"2024-11-07T14:07:04","date_gmt":"2024-11-07T14:07:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=18656"},"modified":"2024-11-07T14:07:04","modified_gmt":"2024-11-07T14:07:04","slug":"wazirx-offers-hope-to-disgruntled-investors-proposes-dex-and-recovery-token-amid-locked-funds","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=18656","title":{"rendered":"WazirX Offers Hope To Disgruntled Investors: Proposes DEX And Recovery Token Amid Locked Funds"},"content":{"rendered":"

\u00a0WazirX unveiled its plans to launch a decentralized exchange (DEX) and introduce a recovery token to address investor concerns.\u00a0<\/span><\/p>\n

India\u2019s leading cryptocurrency exchange<\/span>\u00a0broadcasted the detailed action plan through their townhall event<\/a> held on 6 November, 2024.<\/p>\n

The announcement has come in the wake of the recent cyberattack that saw digital assets worth $230 million stolen<\/a> from the crypto exchange.<\/span><\/p>\n

(1\/4) <\/p>\n

Initiatives to maximize fund recovery for Creditors:<\/p>\n

1\u20e3 Restart trading on the WazirX platform<\/p>\n

We 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\u2026 pic.twitter.com\/PWhi4zIxUl<\/a><\/p>\n

\u2014 WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 6, 2024<\/a><\/p>\n\n

The cyber attack had led to the freezing of user funds on the platform, leaving investors unable to access their holdings.\u00a0<\/span><\/p>\n

EXPLORE:\u00a0WazirX Transferred $73.6M In User Funds To Bybit And KuCoin After July Hack: CoinSwitch CEO<\/a><\/strong><\/p>\n

Prioritizing Fund Recovery For Creditors<\/h2>\n

Partnering with risk advisory firm Kroll, WazirX outlined a multi-faceted plan to recover funds on X. The company plans to pay back its creditors and reopen trading activities on its platform, enabling recovery token swaps.<\/span><\/p>\n

According to WazirX,\u00a0<\/span>\u201cfees generated during this period will be shared with Creditors, creating a stream of recovery for them.\u201d<\/span><\/p>\n

The platform is pursuing asset recovery through blockchain tracing and investigative efforts to retrieve stolen funds. <\/span>Kroll\u2019s technical and forensic expertise is apparently support asset recovery efforts, adding a structured approach to maximize fund retrieval.<\/span><\/p>\n

The company is also planning to introduce three new features to its WazirX platform\u2014crypto staking, an over-the-counter (OTC) desk, and futures trading.<\/p>\n

The staking feature will give users the option to deposit tokens into our staking pool or directly interact with staking smart contracts across various blockchains and receive staking rewards based on the amount invested, with a nominal fee applied.<\/p>\n

While the OTC desk will be tailored for high-volume crypto transactions, said to be suited for institutional investors and high-net-worth individuals.<\/p>\n

The Futures trading will enable users to speculate on future crypto price movements with leverage, allowing them to magnify gains (or losses) by entering contracts to buy or sell assets at a set future price.<\/p>\n

Additionally, WazirX highlighted that it intends to develop new revenue channels, such as investments in innovative crypto products and services, with profits allocated toward creditor repayments.
\n<\/span><\/p>\n

Meanwhile, Nischal Shetty, Wazirx\u2019s Founder said \u201cwe\u2019ll do whatever it takes to help fill the gap left by the cyberattack. Your support is all we need\u201d<\/p>\n

EXPLORE:\u00a0United States Government Wallet Reportedly Hacked! $20 Million in Crypto Stolen<\/a><\/strong><\/p>\n

Building India\u2019s Largest DEX<\/h2>\n

During the town hall event, WazirX revealed its plans to launch a decentralized exchange (DEX) aimed at becoming India\u2019s largest within the next year. <\/span><\/p>\n

Unlike centralized exchanges, a DEX offers users enhanced security by allowing them to retain control of their assets without relying on a central authority. <\/span><\/p>\n

WazirX emphasized<\/span><\/a>, \u201cWe will be building a DEX that merges the user-friendly experience of centralized exchanges with the security of self-custody.\u201d<\/span><\/p>\n

While Nischal Shetty highlighted that although the concept of DEX is familiar to the crypto community, poor user experience and complicated trading processes have deterred users from adopting DEX platforms.<\/p>\n

\u201cWe want to build something that gives you an even better user experience and an easier onboarding experience than the centralized exchanges. And if we can do that, we believe that this will give a great opportunity for people who want self-custody and not want to rely on centralized exchanges,\u201d he added<\/p>\n

The platform\u2019s development will prioritize security through skilled engineering and thorough audits, alongside incentives like liquidity rewards to encourage user engagement. <\/span><\/p>\n

Additionally, WazirX aims to ensure a seamless onboarding experience, stating their plan to \u201cdesign an intuitive interface for easy onboarding and engagement,\u201d with extensive testing to confirm platform stability before launch.<\/span><\/p>\n

EXPLORE:\u00a0What is \u2018Operation Kraken\u2019? Australian Authorities Crack Crypto Wallet And Seize $6.4 Million In Asset<\/a><\/strong><\/p>\n

Disgruntled Investors Await Access As Bitcoin Surges<\/h2>\n

WazirX\u2019s restructuring process will extend till early February next year, however this timeline may be adjusted based on further developments. <\/a><\/span><\/p>\n

Multiple users have taken to social media to show their displeasure regarding the progress of fund recovery, with many threatening to sue the exchange for the financial damages.<\/p>\n

Heartbreaking to see the pain #WazirX<\/a> investors are enduring .
People are begging for their hard-earned money, and it\u2019s been over 3 months +. @WazirXIndia<\/a>,
it\u2019s time to release the funds immediately.<\/p>\n

We are getting daily painful messages from users.<\/p>\n

Lot of users will not\u2026<\/p>\n

\u2014 Pushpendra Singh (@pushpendrakum) October 30, 2024<\/a><\/p>\n\n

Moreover, with Bitcoin recording highs close to $75,000 and altcoins expected to recover, aggrieved investors remain focused on the progress of accessing their locked assets, as they are unable to sell their tokens on the exchange.<\/span><\/p>\n

Source: Tradingview.com<\/em><\/span><\/p>\n

Although, the company continues to provide regular updates, aiming to maintain transparency and user confidence throughout the recovery process, the timeline remains contingent upon asset retrieval progress and other recovery strategies as implemented.<\/span><\/p>\n

The post WazirX Offers Hope To Disgruntled Investors: Proposes DEX And Recovery Token Amid Locked Funds<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

\u00a0WazirX unveiled its plans to launch a decentralized exchange (DEX) and introduce a recovery token to address investor concerns.\u00a0 India\u2019s leading cryptocurrency exchange\u00a0broadcasted the detailed action plan through their townhall event held on 6 November, 2024. The announcement has come in the wake of the recent cyberattack that saw digital assets worth $230 million stolen […]<\/p>\n","protected":false},"author":0,"featured_media":18657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18656"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18656"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/18657"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}