TechFlow News, on November 6, according to an official announcement, WazirX—the cryptocurrency exchange previously hacked for over $230 million—announced it will launch a recovery token for the settlement of outstanding debts. The token will be distributed proportionally to creditors based on their balances on the platform. The recovery token will provide a recovery path through: future platform profits; monetization of illiquid assets held by third parties from new business initiatives; and the recovery of stolen assets. Key use cases for the recovery token include: buybacks—to facilitate creditor recovery and capture market momentum; and additional liquidity—enabling tokens to be traded in public markets according to creditor sentiment, allowing early access to funds, thus offering flexibility and opportunities for immediate value realization. BlockBeats previously reported that on July 18, Indian cryptocurrency exchange WazirX suffered a hack targeting its multi-signature wallet on the Ethereum network, resulting in a total of $234.9 million being transferred to new addresses.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / [email protected] ICP License: 琼ICP备2022009338号
