According to foreign media reports, after the Indian cryptocurrency exchange WazirX was hacked in July 2024, CEO Nischal Shetty proposed a recovery plan, which includes issuing recovery tokens (RT) to compensate users for their losses. However, the proposal has sparked widespread questioning within the community.
According to the plan, users will first receive compensation of 51-55% of pre hacked assets, and the remaining amount will be compensated through RT tokens, which are linked to the value of recovered assets. Shetty stated that RT tokens may be used for trading in the future, but approval from WazirX creditors and the court is required.
Some users criticized WazirX for manipulating the platform, misappropriating customer funds, and lacking transparency in the recovery plan. Currently, WazirX's native token WRX has plummeted 98% compared to before the hacker attack. The community is concerned that the lack of liquidity support for RT tokens may further reduce the probability of users recovering their funds.
Shetty will also link a decentralized exchange (DEX) with a compensation plan, stating that if the community rejects the proposal, users may have to wait for five years to recover their losses. This statement has raised doubts about whether WazirX is attempting to delay full accountability.
