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February 4, 2025

WazirX Urges Creditors to Accept New Refund Scheme After $230M Hack

In a significant development post-hack, WazirX, one of India’s largest cryptocurrency exchanges, has reached out to creditors. The exchange proposes a new refund scheme, urging creditors to accept it or face a lengthy wait until 2030 for potential refunds from the devastating $230 million hack. The situation continues to unfold as WazirX navigates its way through financial recovery efforts. This choice for creditors brings uncertainty, but it also highlights the pressing need for enhanced security measures in the crypto exchange sphere. As WazirX strives to regain its footing, stakeholders are analyzing the implications of this proposal, while regulatory bodies keep a watchful eye on the case. The exchange’s proactive approach showcases its commitment to transparency and accountability, aiming to build trust in a challenging time for users. Observers remain alert regarding how this will influence the broader crypto market and the future of customer exchanges.

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