Indian crypto exchange, WazirX, that was hacked in July 2024, has released its future plan that is aimed at the recovery of funds for the creditors.
The new measures come after the crypto exchange had previously announced restructuring plans in order improve its security.
WazirX Proposes Reopening Platform For Recovery
In order to enable users to resume trading and possibly increase trading volumes, the crypto exchange will reopen the WazirX platform. The fees earned during this time will be distributed to creditors so as to provide creditors with a stream of recovery.
Additionally, the planform also plans to create a DEX that combines the convenience of centralized exchanges with the safety of self-custody. For the benefit of creditors, WazirX will also introduce a native DEX token and allow “Recovery Token swaps”.
On top of this, WazirX intends to introduce crypto-staking. According to the platform, by staking account token balances to support a blockchain network, users will be able to earn rewards which will help in fund recovery.
WazirX Plans On Launching OTC Desk: How will This Help?
WazirX is looking forward towards establishing an OTC Desk. For the large-scale cryptocurrency transactions, this new feature will be perfect for high-net-worth individuals and institutional investors.
For both B2B and B2C transactions, this specialized service will offer price stability, privacy, and individualized support. Commissions or spreads on each trade will provide revenue, making it a customized and safe choice for big cryptocurrency transactions.
The crypto-exchange also intends to make the platform available for futures trading. By signing contracts to buy or sell assets at a fixed future price, users will be able to increase their gains (or losses) by speculating on future cryptocurrency price movements with leverage options.
WazirX’s Legal Battle Will Continue; Talks With White Knight Continues
WazirX will be continuing its talks with legal authorities to make sure that it safeguards its assets and users. According to the platform, it is actively working to recover illiquid and stolen assets and will keep pursuing legal actions that are necessary for the same.
In a post on platform X, the crypto exchange said “Discussions are ongoing with White Knights, who can offer rescue financing and strategic collaboration. Such partnerships could provide additional funding and support for Creditor recoveries.”
WazirX’s Previous Restructuring Plan
With an emphasis on improving security, the exchange had revealed plans for a significant platform reorganization. Onboarding new custodians is a crucial part of this initiative, with a focus on identifying custody providers that provide insurance coverage for funds that are stored.
Additionally, to keep a transparent asset resrve with its users, WazirX gave crucial information in its latest Proof-of-Reserve data.
Based on a screenshot taken on October 24, 2024, the report based on a post on X reveals that the exchange currently has $157 million worth of cryptocurrency in its on-chain wallets.