- WazirX has declared the launch of a “Recovery Token” to pay off its platform creditors.
- The amount that each creditor has in their account will determine how it is airdropped to them.
After suffering a $230 million breach, cryptocurrency exchange WazirX intends to launch a Recovery Token to pay off creditors. According to the official announcement, creditors will have a concrete way to get their money back since the token would be airdropped to them based on their platform balance.
The India-based crypto exchange has declared the launch of a “Recovery Token” to pay off its platform creditors for unpaid debt. The amount that each creditor has in their account will determine how it is airdropped to them. It gives creditors a methodical technique to collect their money back via a variety of new avenues.
Innovative Approach
One of the most important aspects of the Recovery Token is the range of expected revenues, which show how profitable the platform may be in the future. Included in the strategy are strategic business activities as well as the sale or liquidation of assets controlled by third parties. There will also be initiatives to reclaim stolen property and perhaps “White Knight” ideas to infuse fresh funding.
The Recovery Token’s buyback mechanism is an important tool for creditors. In most cases, its goal is to facilitate platform recovery and take advantage of market upswings. Since the tokens may be traded on the open market, this feature also adds liquidity for the creditors. This gives the creditor some leeway. Furthermore, it offers the possibility to obtain funds ahead of schedule, depending upon market sentiment.
More information on the Recovery Token’s mechanisms and features will be announced by WazirX. The Recovery Token is an innovative solution for paying off debt and demonstrating responsibility to creditors.
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