Wazirx Announced to Launch RT Token To Compensate $230 Million Hack
Wazirx, India’s largest cryptocurrency exchange’s Founder and CEO Nischal Shetty has introduced plans to launch RT tokens those token’s value is equivalent to the value of assets stolen in the $230 million breach the platform endured. Wazirx made a promise to do Transparency With RT Tokens.
According to Nischal Shetty Wazirx company has been developing a strategy to compensate affected users. last year in July 2024 a security breach occurred in the company during which the exchange’s multi-signature wallet was compromised.
On Monday, Nischal Shetty confirmed that Wazirx had introduced a rebalanced portfolio, a central part of the exchange’s recovery strategy. Tokens featured on the rebalanced page will be included in the initial phase of distributions once the platform resumes operations.
In addition, Mr Shetty shares the method of getting back the lost assets. According to Mr. Shetty three methods to get back the lost assets:-
- Efforts to recover stolen assets
- Profit sharing
- Decentralized exchange initiatives.
Mr Shetty also assured that his company remains dedicated to creating important values for its community. After Mr. Shetty’s remarks shortly a user raised an issue about 15 percent of their displayed USD value.
They seek clarification on the Company’s plan. How the company plan to reflect or account for this discrepancy?
Shetty said “We will issue RT tokens and use them to distribute any future recovered funds to token holders ”
What Is the Value of the Wazirx RT Token?
The value of the RT token is equivalent to the value of stolen assets. Mr. Shetty also said that if the majority of people are interested they also list the RT token for trading. Wazirx company’s recovery strategy works on the community consensus and innovative tokenization to address losses,
The platform which made by a company to recoup lost assets works on profit sharing, asset recovery, and decentralized exchange integration- and aims to rebuild the trustworthy of its users
Yet the success of this strategy depends on aligning user expectations with actionable outcomes.
