WazirX Reveals To Issue Recovery Token To Settle Creditor Debts, Shares Strategies To Maximize Fund Recovery
The post WazirX Reveals To Issue Recovery Token To Settle Creditor Debts, Shares Strategies To Maximize Fund Recovery appeared on BitcoinEthereumNews.com.
Indian Crypto Currency Exchange WazirX which was recently hacked for over $230 million, in a latest X post has revealed plans to issue a Recovery Token to settle outstanding debts with creditors. 📢 Recovery Token for Outstanding Debt Settlement We are working towards launching a Recovery Token. The token will be airdropped to Creditors proportionate to their balances on the platform. The Recovery token will offer a path to recovery through: 1️⃣ Future platform profits… pic.twitter.com/dNe0OBlPDj — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 6, 2024 Recovery Token for Outstanding Debt Settlement The official announcement said that the token will be airdropped to Creditors proportionate to their balances on the platform. The exchange noted that the recovery token will offer a path to recovery through Future platform profits, New business initiatives, Realization of Illiquid Assets held by third parties, Recoveries from stolen assets, and Potential capital from White Knight proposals. The exchange noted key use cases of Recovery Token which include: Buybacks, which aim to boost creditor recoveries and capture market movements. With Additional Liquidity, tokens can be traded in the open market for early access to funds, offering flexibility and a chance to capture immediate value. WazirX Outlines Strategies To Maximize Fund Recovery- In another post, the exchange outlined four major strategies to maximize fund recovery. The crypto exchange also announced plans to launch a native DEX token and enable Recovery Token swaps for Creditor benefits. (1/4) 📢 Initiatives to maximize fund recovery for Creditors: 1️⃣ Restart trading on the WazirX platform We will reopen the WazirX platform, allowing users to resume trading and potentially driving up trading volumes. Fees generated during this period will be shared with… pic.twitter.com/PWhi4zIxUl — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) November 6, 2024 Reopening Trading Platform The first initiative will see WazirX reopen…
Filed under: News - @ November 6, 2024 9:24 pm