Nischal Shetty, co-founder of India-based cryptocurrency exchange WazirX, announced that the company is exploring all possible ways to recover funds following a significant security breach earlier this month.
Shetty stated that reaching various stock exchanges will be very important in overcoming the current crisis.
WazirX has been effectively closed since July 18, when the exchange halted trading and withdrawals after suffering a $230 million hack. In his first interview since the incident, Shetty expressed hope that other industry representatives would help reduce the losses experienced by customers.
Recently, WazirX faced criticism from both industry peers and customers over a survey seeking feedback on next steps that the exchange said was not legally binding. Additionally, the company had a dispute with custody provider Liminal regarding the source of the security breach, increasing uncertainty about when the exchange will resume operations.
Shetty declined to comment in detail on several issues, citing legal and privacy concerns. When asked if a potential takeover by another company was being considered, he did not confirm or deny the possibility.
“We reached out to several partners and exchanges for assistance,” Shetty said, but did not disclose whether Binance was among those contacted, citing confidentiality agreements.
The relationship between Binance and WazirX has been fraught with tension since August 2022, when Binance CEO Changpeng Zhao publicly claimed that Binance does not control WazirX.
*This is not investment advice.
