WazirX announces plans to launch DEX amid fallout from record crypto theft

WazirX, a cryptocurrency exchange, has recently announced its plans to launch a decentralized exchange (DEX) in response to a major breach that occurred in July. The breach resulted in hackers stealing $235 million from the platform, fueling concerns about the security of centralized exchanges. As part of their efforts to enhance user security, the co-founder of WazirX, Nischal Shetty, stated that the new DEX would operate alongside the existing centralized platform and provide users with full control over their assets, eliminating counter-party risks. The DEX is scheduled to be rolled out in early 2025, with a phased approach to onboarding users and will include its own token for transaction fees and community governance. This move by WazirX reflects a growing dissatisfaction with centralized exchanges and a strategic shift towards decentralized models.