PANews reported on November 7 that according to Cointelegraph, Nischal Shetty, founder of the Indian crypto exchange WazirX, announced that the company plans to launch a decentralized exchange (DEX) in response to the hacker attack in July. The incident caused a loss of about $235 million in user funds. The attacker was suspected to be North Korea's "Lazarus Group" and used Tornado Cash to obfuscate transaction records.
Shetty said the new DEX will allow users to self-custody their assets, eliminating the counterparty risk inherent in centralized platforms. In addition, WazirX also plans to launch DEX-related tokens for paying platform fees and governance. Shetty emphasized that the self-custody feature of DEX will give users full control over their assets and the ability to trade freely.
The move to DEX is aimed at restoring user trust after WazirX was widely criticized for proposing to convert 45% of user account balances into USDT and lock them up. In addition, WazirX also rolled back all transactions and restored user accounts to their pre-hacking status in August in an attempt to provide customers with a "fair solution."
