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WazirX To Issue New Cryptocurrency To Compensate Users After $230 Million Breach

WazirX’s founder said they would list the new crypto if users were interested.
By: Joel Lim • February 12, 2025
wazirx token

WazirX, an Indian Bitcoin crypto exchange, plans to issue and distribute a new cryptocurrency called RT to users who lost funds when the exchange was hacked for $230 million in July 2024.

Nischal Shetty, the exchange’s founder, proposed to issue RT tokens in a Feb. 10 X post after users raised concerns over the exchange’s distribution plans.

“We will issue RT tokens and use them to distribute any future recovered funds to token holders. The value of RT tokens will be based on the total value of stolen assets. If enough people are interested, we may also list RT tokens for trading,” Shetty said.

In a Feb. 10 X post, Shetty announced that WazirX’s rebalanced portfolio had gone live and that the first distribution of funds would start once the platform went live again. However, for the platform to restart, the majority of users must vote to approve it.

If users approve, the platform will restart, and funds will be distributed within 10 business days as part of the first distribution. If they don't, they will have to wait until WazirX’s ownership dispute is resolved before any steps for fund recovery and distribution can take place.

[UPDATED ON FEB. 12 @ 3PM EST TO CORRECT WAZIRX FOUNDER'S NAME]

wazirx

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