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Pendle Pendle (PENDLE) $4.43 ↑ 0.67%
Jito Jito (JTO) $2.02 ↑ 2.38%
Bitcoin Bitcoin (BTC) $119,244.87 ↑ 1.03%
Ethereum Ethereum (ETH) $3,846.61 ↑ 3.52%
XRP XRP (XRP) $3.20 ↑ 0.87%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.01%
BNB BNB (BNB) $823.73 ↑ 5.48%
Solana Solana (SOL) $188.56 ↑ 1.44%
USDC USDC (USDC) $1.00 ↑ 0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 1.81%
TRON TRON (TRX) $0.32 ↑ 0.03%
Cardano Cardano (ADA) $0.83 ↑ 0.18%
Sui Sui (SUI) $4.33 ↑ 2.38%
Hyperliquid Hyperliquid (HYPE) $44.04 ↑ 0.40%
Stellar Stellar (XLM) $0.44 ↑ 1.14%
Chainlink Chainlink (LINK) $19.04 ↑ 3.96%
Hedera Hedera (HBAR) $0.29 ↑ 2.59%
Bitcoin Cash Bitcoin Cash (BCH) $601.84 ↑ 7.76%
Avalanche Avalanche (AVAX) $25.45 ↑ 3.23%
Litecoin Litecoin (LTC) $114.69 ↑ 0.27%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.83%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.02%
Toncoin Toncoin (TON) $3.35 ↑ 1.30%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.00%
Uniswap Uniswap (UNI) $10.83 ↑ 3.83%
Polkadot Polkadot (DOT) $4.20 ↑ 1.83%
Monero Monero (XMR) $321.78 ↑ 0.54%
Bitget Token Bitget Token (BGB) $4.61 ↑ 1.57%
Pepe Pepe (PEPE) $0.00 ↑ 1.69%
Dai Dai (DAI) $1.00 ↓ 0.00%
Aave Aave (AAVE) $299.68 ↑ 1.88%
Cronos Cronos (CRO) $0.14 ↓ -0.40%
Ethena Ethena (ENA) $0.68 ↑ 17.45%
Bittensor Bittensor (TAO) $432.32 ↑ 0.71%
NEAR Protocol NEAR Protocol (NEAR) $2.93 ↑ 1.97%
Ethereum Classic Ethereum Classic (ETC) $23.14 ↑ 1.54%
Pi Pi (PI) $0.44 ↑ 0.13%
Ondo Ondo (ONDO) $1.05 ↑ 0.02%
Aptos Aptos (APT) $4.87 ↑ 1.26%
Internet Computer Internet Computer (ICP) $5.77 ↑ 2.02%
OKB OKB (OKB) $48.51 ↑ 0.77%
Kaspa Kaspa (KAS) $0.11 ↑ 7.42%
Bonk Bonk (BONK) $0.00 ↑ 1.94%
Mantle Mantle (MNT) $0.82 ↑ 4.59%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 4.17%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.78%
Algorand Algorand (ALGO) $0.28 ↑ 3.70%
Arbitrum Arbitrum (ARB) $0.46 ↑ 1.37%
VeChain VeChain (VET) $0.03 ↑ 1.40%
Render Render (RENDER) $4.32 ↑ 2.27%
GateToken GateToken (GT) $17.99 ↑ 1.56%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.01%
Worldcoin Worldcoin (WLD) $1.21 ↑ 3.58%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.33 ↑ 1.23%
Sky Sky (SKY) $0.10 ↑ 2.30%
Sei Sei (SEI) $0.35 ↓ -0.44%
SPX6900 SPX6900 (SPX) $2.10 ↑ 6.45%
Cosmos Cosmos (ATOM) $4.83 ↑ 1.72%
Filecoin Filecoin (FIL) $2.73 ↑ 2.79%
Jupiter Jupiter (JUP) $0.59 ↑ 7.32%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↑ 0.81%
Flare Flare (FLR) $0.03 ↑ 4.54%
Story Story (IP) $5.43 ↓ -1.92%
Quant Quant (QNT) $127.77 ↑ 5.15%
Injective Injective (INJ) $15.32 ↑ 5.80%
KuCoin Token KuCoin Token (KCS) $11.55 ↓ -0.18%
Celestia Celestia (TIA) $2.02 ↑ 4.26%
XDC Network XDC Network (XDC) $0.09 ↑ 0.52%
Curve DAO Token Curve DAO Token (CRV) $1.07 ↑ 2.13%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.05%
Fartcoin Fartcoin (FARTCOIN) $1.37 ↑ 2.06%
Stacks Stacks (STX) $0.85 ↑ 4.51%
Four Four (FORM) $3.51 ↑ 3.34%
Optimism Optimism (OP) $0.73 ↑ 1.71%
FLOKI FLOKI (FLOKI) $0.00 ↑ 2.65%
Ethereum Name Service Ethereum Name Service (ENS) $31.00 ↑ 3.68%
Immutable Immutable (IMX) $0.60 ↑ 4.84%
dogwifhat dogwifhat (WIF) $1.12 ↑ 4.81%
The Graph The Graph (GRT) $0.11 ↑ 4.31%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 1.03%
PancakeSwap PancakeSwap (CAKE) $3.00 ↑ 8.34%
Kaia Kaia (KAIA) $0.17 ↑ 2.14%
Lido DAO Lido DAO (LDO) $1.13 ↑ 4.76%
Sonic Sonic (S) $0.34 ↑ 0.71%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -4.26%
Conflux Conflux (CFX) $0.19 ↑ 1.87%
Tezos Tezos (XTZ) $0.90 ↑ 0.25%
PAX Gold PAX Gold (PAXG) $3,352.74 ↓ -0.04%
Theta Network Theta Network (THETA) $0.92 ↑ 4.48%
Vaulta Vaulta (A) $0.58 ↑ 1.69%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.03%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.87%
IOTA IOTA (IOTA) $0.22 ↑ 3.39%
Nexo Nexo (NEXO) $1.32 ↑ 1.48%
Raydium Raydium (RAY) $3.14 ↑ 2.79%
Tether Gold Tether Gold (XAUt) $3,344.86 ↓ -0.01%
Gala Gala (GALA) $0.02 ↑ 2.44%
The Sandbox The Sandbox (SAND) $0.32 ↑ 2.95%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 5.09%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 1.00%
Pendle Pendle (PENDLE) $4.43 ↑ 0.67%
Jito Jito (JTO) $2.02 ↑ 2.38%
Home Cryptocurrency

WazirX New DEX Launch to Strengthen Security After $235 Million Hack

Gayatri Ailyaani by Gayatri Ailyaani
7 November 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
WazirX New DEX Launch to Strengthen Security After $235 Million Hack

WazirX New DEX Launch to Strengthen Security After $235 Million Hack

One of the best-performing crypto exchanges in India- WazirX, has now announced its plans to come up with a decentralized exchange (DEX) in a bid to improve user security and restore confidence after an almost crippling attack on its system. This was revealed by WazirX’s chief, Nischal Shetty, during a town hall talk recently.

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Table of Contents

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    • Momentum Builds: 3 Top Cryptos in July 2025 Every Investor Should Have on Their Radar
  • Why Decentralized Exchange (DEX) Matters
  • Recovery Measures for Affected Users
  • A New Chapter for WazirX and the Crypto Market

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The idea of building a DEX was initiated after the serious security threat that happened in July 2024 when nearly $235 million from the multisig wallet of WazirX was hacked by attackers. These attackers belonged to the same country that has been dubbed the ‘Lazarus group.

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Why Decentralized Exchange (DEX) Matters

WazirX New DEX Launch to Strengthen Security After $235 Million Hack

Such incident raised serious concern on the security issues associated with centralized exchanges compelling WazirX to seek out other decentralized options that would allow users to have better control over their assets. According to Shetty, the DEX will allow users to self-custody their assets, therefore removing the collateral risk associated with centralized platforms.

The soon-to-launch DEX will work in line with WazirX’s existing centralized services. The whole intention is to create a user experience that is the same as the existing traditional exchanges. Shetty said that the purpose of the platform is to make it as easy for the users as possible since most of the users have experienced and complained about the poor experience of decentralized exchanges. The DEX will also launch its utility token, which will be used for transaction fees and ecosystem governance.

Along with launching the DEX, WazirX is rolling out multiple recovery measures for users who were victims of the Wazir X hack. These include:

Recovery Measures for Affected Users

WazirX New DEX Launch to Strengthen Security After $235 Million Hack

Recovery Tokens: Users will be granted new tokens proportionate to their holdings. These tokens can be either exchanged or utilized in the WazirX environment.

Staking Services: WazirX intends to introduce staking services whereby assets in crypto will be farmed to enable the user to accrue earnings.

Over the Counter (OTC) Desk: This solution will provide an opportunity for institutional and ultra-high net worth individuals to conduct business in large volumes and earn the platform additional revenue.

Futures Trading: Users will be allowed to trade on the futures, which will allow them to make bets on when a cryptocurrency will appreciate or depreciate.

A New Chapter for WazirX and the Crypto Market

As part of its strategy to recover from the ongoing crisis, WazirX intends to restart operations by trading in February 2025. At the moment, the exchange is undergoing a moratorium imposed by a court in Singapore, which helps it reorganize its operations and resolve some of the legal obstacles caused by the hack.

The introduction of a decentralized exchange reflects a huge shift for WazirX as it aims to adapt to the changing trends in crypto by focussing on user control and security. By doing this, WazirX not only aims to restore trust among its users but also tries to stand competitive in the changing crypto market. As Shetty noted, this initiative reflects a commitment to enhancing user security and fostering a more resilient trading environment.

Stay connected with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more news.

Tags: DEXwazir x hacksWazirX
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