WazirX, an Indian cryptocurrency exchange, plans to launch a decentralized exchange (DEX) to improve user security. This comes after hackers stole $235 million from the platform in July 2024. The new DEX will work alongside the existing centralized platform, allowing users to have more control over their assets.
Users will be able to trade on the DEX using its own token, which will cover transaction fees and enable community governance. The new exchange is set to launch in early 2025. The July hack was one of the largest in India’s crypto history, affecting hundreds of thousands of users. WazirX has faced criticism for its handling of the situation, as customers accuse the exchange of “socializing losses.”
