WazirX to Launch a DEX Exchange

Nischal Shetty , founder of WazirX , announced that the company is expanding and will build a decentralized exchange (DEX) alongside its current centralized service.
The decision comes after the July 2024 hack of WazirX , in which $235 million in user funds were withdrawn. The DEX will help eliminate counterparty risk and allow users to self-manage their assets. Shetty also said that a DEX token will be launched to pay fees and provide governance tools.

The WazirX hack is now in full swing
On July 18, WazirX’s multi-signature wallet was hacked, suspected to be carried out by the Lazarus Group from North Korea , causing a loss of $235 million, which was withdrawn via Tornado Cash for anonymity. WazirX then proposed to limit trading capital to 55% and keep 45% in locked USDT, but was opposed by customers as “ socializing losses .”
In August 2024, WazirX reversed all transactions and restored pre-attack balances.
The company is still struggling to recover the funds, with liability disputed between WazirX and its former custody partner, Liminal.