WazirX: Has launched a recovery token airdrop for the settlement of outstanding debts

ChainCatcher news, according to the official announcement, the cryptocurrency exchange WazirX, which was previously hacked for over $230 million, has announced the launch of a recovery token for the settlement of outstanding debts. This token will be airdropped to creditors proportionally based on their balances on the platform.

The recovery token will provide a recovery path through the following means: future platform profits; monetization of illiquid assets held by third parties from new business initiatives; and recovery of stolen assets. The main use cases for the recovery token include: buybacks: to facilitate creditor recovery and capture market trends. Additional liquidity: depending on the sentiment of creditors, the token can be traded on the open market for early access to funds, providing flexibility and opportunities for immediate value.

It is reported that on July 18, the Indian cryptocurrency exchange WazirX suffered a hacking attack, and its multi-signature wallet on the Ethereum network was compromised. A total of $234.9 million was transferred to a new address.