Nischal Shetty, co-founder of WazirX, recently provided an update on ongoing efforts to address key issues regarding the breach on July 18 that cost Rs 2000 crore in lost customer cash. Nischal assures everyone that work is in progress for recovering the stolen crypto assets but no promises.
As per Shetty’s post on X, the team is focused on recovering the stolen crypto assets to mitigate losses and restore as much value as possible to affected users. Further, they are exploring potential partnerships to gain additional resources or solutions to address the financial impact and improve security measures.
WazirX is developing new product ideas, which may include mechanisms for user compensation and enhanced protection measures for future crypto withdrawals. Exploring various rescue financing strategies to stabilize the potentially offset user losses.
Shetty emphasized the team’s commitment to these efforts and assured that they are working diligently to address the situation and keep the community informed.
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