WazirX, a major cryptocurrency exchange in India, has announced the launch of a decentralized exchange (DEX) following a significant security breach in July 2024. Hackers from the Lazarus Group exploited a vulnerability in a multi-signature wallet, resulting in a $235 million loss.
Initially, WazirX responded by freezing 45% of user balances, a decision they later reversed due to backlash. To enhance security and provide a more secure trading environment, the new DEX is scheduled to launch in early 2025.
The decentralized exchange will feature its own governance token, aiming to give users more control and participation in the platform's development.
Additionally, there is an ongoing dispute between WazirX and the custodial service provider Liminal regarding accountability for the hack, highlighting the complexities of security and responsibility in the crypto industry.
