CandleFocus WazirX announces plans to launch DEX amid fallout from record crypto theft
2024-11-07
Author: Content Editor
Cryptocurrency exchange WazirX has announced plans to launch a decentralized exchange (DEX) to improve user security following a major hack in July. The DEX will run alongside the existing centralized platform and give users full control over their assets. It will also feature its own token to cover transaction fees and enable community governance. The hack, attributed to the Lazarus Group, resulted in the theft of $235 million. WazirX implemented an emergency recovery plan but faced criticism for freezing user balances. The exchange later reversed its decision and restored all account balances. WazirX's move to a DEX reflects a growing trend among exchanges to prioritize decentralization for enhanced security.
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