WazirX Hack Recovery: Exploring Multiple Options

IconCryptoNewsTerminal Staff30 Jul, 2024

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WazirX Hack Recovery: Exploring Multiple Options

WazirX, the Indian cryptocurrency exchange that recently lost $230 million in a hack, is exploring several options to recover its lost funds, according to its co-founder, Nischal Shetty. In an interview with CoinDesk, Shetty said that WazirX has reached out to "multiple exchanges" for assistance, but he declined to disclose which ones. He also stated that the exchange is considering both legal action and a crowd-sourced recovery fund. "We are keeping all options open right now in terms of what our recovery strategy should be," Shetty said. "Broadly speaking, there are two recovery paths – one is going through the legal process, which could take years, and the other one is trying to get back to business as soon as possible and generate revenue to pay back users." Shetty declined to comment on rumors that Binance or other exchanges are in talks to acquire WazirX, citing confidentiality obligations.

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