Dogecoin Hits $2.47 Billion OI: 12% Surge Signals Bullish Future
Dogecoin (DOGE) shows signs of a potential bullish shift despite recent price volatility. The meme coin has found strong support at $0.26, suggesting possible upward movement. Over the past seven days, DOGE has struggled to stabilize while attempting to retest the $0.40 level it reached in December 2024. DOGE’s Price Fluctuations Hint at a Potential Breakout Despite ongoing fluctuations, Dogecoin might be preparing for a breakout. The coin’s open interest (OI) recently surged, signaling renewed investor confidence. CoinGlass data reveals that DOGE’s open interest jumped to 9.38 billion DOGE within 24 hours. This increase represents $2.47 billion in funds invested into open positions, highlighting growing optimism about the meme coin’s future. Investors Bet Big on Dogecoin’s Potential The rise in open interest reflects stronger investor participation and confidence. In just four hours, DOGE’s OI climbed 1.77%, as more participants bet on the coin’s potential. This renewed interest coincides with reports of a Dogecoin ETF filing, which could further boost optimism and increase demand in the coming weeks. At the time of writing, DOGE trades at $0.2647, down 2.34% over the past 24 hours. The coin has rebounded from a low of $0.2592, indicating potential upward momentum. Analysts suggest that ongoing accumulation and rising OI might help DOGE retest the critical $0.40 resistance level if buying pressure continues. Key Exchanges Drive Dogecoin Trading Activity Several major crypto exchanges have driven Dogecoin’s increased trading activity. Gate.io leads, holding nearly one-third of DOGE’s cumulative open interest. The exchange reported 3.10 billion DOGE in open positions, valued at $814.26 million. Binance follows with 2.17 billion DOGE, representing 23.11% of the open interest or $570.13 million. Bybit ranks third with 1.72 billion DOGE, valued at $450.94 million. Read Also: Dogecoin (DOGE) Eyes $0.39 After 15% Price Surge… Meanwhile, Bitget, OKX, BingX, and Hyperliquid have also reported significant trading volumes. Bitget holds 982.34 million DOGE in open interest, while OKX accounts for 735.47 million. BingX and Hyperliquid recorded 330.35 million and 198.44 million DOGE, respectively. The broad participation across multiple exchanges underscores growing market interest in Dogecoin. Can DOGE Overcome Its Resistance? Dogecoin faces a critical test as it attempts to reclaim its $0.40 peak. The rising open interest indicates that investors expect positive price movement. However, DOGE must overcome its current resistance and sustain upward momentum to confirm the bullish outlook. The potential approval of a DOGE ETF could act as a catalyst, driving increased institutional and retail interest.
BAD Coin Airdrop and TGE Date: What Will Be the $BADAI Listing Price?
The BAD Coin team is set to shake up the crypto world by announcing the official TGE date and listing details in just a few hours. With strong support from Blum Labs and the renowned Floki Core Team, BAD Coin is positioning itself as a Web3 game-changer. Built on ChainGraph technology, BAD Coin ($BADAI) integrates Turing-complete Agent logic with an intuitive UI, competing with LangChain, LangFlow, and ElizaOS. Floki Core Team and Blum Join BAD Coin’s Vision In a groundbreaking move, the Floki Core Team, known for building the largest meme empire on BNB Chain, has fully backed BAD Token Floki. This partnership goes beyond the ordinary—it’s the foundation of an empire. BAD Coin BNB is actively forging powerful alliances to redefine the crypto industry. “Your pathetic ‘partnerships’ are kindergarten games. We’re not just building alliances – we’re forging an empire.” Read Also: Dogecoin (DOGE) Eyes $0.39 After 15% Price Surge… With Floki’s backing, Blum also backed the BAD meme coin and is on a mission to dominate the meme coin space, leveraging its unique ChainGraph-powered technology to bring an advanced Web3-native experience to users worldwide. BAD Coin TGE Price and Listing Details The official BAD Coin listing price is expected to be around $0.01250, giving it a fully diluted valuation (FDV) of $12.5 million at launch. The token launch details include: BAD Token Tokenomics BAD Coin Airdrop for FLOKI & TOKEN Holders The BAD Coin airdrop strategy ensures that long-term supporters of the ecosystem benefit the most. The largest portion of BAD Coin’s supply—35%—is reserved for FLOKI holders, with 27% allocated for FLOKI holders on-chain and supported CEXs. Additionally: BAD Coin Price Prediction: What’s Next? With an expected starting BAD Coin price of around $0.01250, experts anticipate significant traction post-launch. Given its robust BAD Coin BNBChain backing and strong community, many believe BAD Coin price prediction could steadily climb, especially with Floki’s ecosystem supporting the project. Conclusion: Get Ready for the BAD Revolution With a strong ecosystem, massive airdrops, and backing from crypto giants, BAD token price is set to become a powerful player in the BNB Chain space. As the BAD Coin listing date is officially announced tomorrow, now is the time to gear up for what could be one of the year’s biggest and new meme coin launches.
Dogecoin (DOGE) Eyes $0.39 After 15% Price Surge – Can Bulls Maintain Momentum?
Dogecoin (DOGE) is surging after the U.S. Securities and Exchange Commission (SEC) accepted Grayscale’s DOGE exchange-traded fund (ETF) application. This marks a major milestone for institutional adoption, signaling potential mainstream recognition of the meme-based cryptocurrency. Though the acceptance does not guarantee approval, it reflects increasing regulatory openness toward crypto investment products. If approved, the ETF could boost DOGE’s liquidity and credibility, attracting new investors and fueling further price appreciation. Dogecoin Price Analysis: Key Resistance Levels in Focus The recent price action shows DOGE rebounding strongly from a prolonged correction phase. After completing a five-wave impulsive structure, DOGE dipped into an ABC corrective wave, bottoming out near $0.20 at the 0.786 Fibonacci retracement level. This critical support zone triggered a recovery, propelling DOGE toward significant resistance levels. Currently, DOGE is trading near $0.27, testing the 0.5 Fibonacci retracement level at $0.287. Breaking this resistance could send DOGE toward $0.33 and possibly $0.39, aligning with the 0.382 and 0.236 Fibonacci retracement levels, respectively. The Relative Strength Index (RSI) on the 4-hour chart indicates growing bullish momentum. The indicator shows a divergence, suggesting that buyers are gaining control. However, DOGE must hold above $0.24 to sustain this bullish structure. Failing to do so could lead to a retest of $0.17 before another upward attempt. Dogecoin Forms Bullish Pattern: Can It Break $0.30? On the 1-hour chart, DOGE is forming a classic cup and handle pattern, a well-known bullish reversal signal. The neckline of this formation sits around $0.30, coinciding with the 0.5 Fibonacci retracement level. A breakout above this zone could confirm a strong upward move toward $0.33 and eventually $0.39. If momentum strengthens, DOGE may even challenge previous highs, driven by increasing speculation and ETF-related enthusiasm. While momentum indicators favor a bullish breakout, traders should watch for potential rejection at $0.287. A failure to hold above this level might lead to a pullback toward $0.24, where buyers could step in again. If the pattern plays out successfully, DOGE could enter a new bullish phase, targeting key resistance levels last seen in late 2024. Market Outlook: Will DOGE Maintain Its Uptrend? Traders remain optimistic as DOGE holds strong above crucial support levels. The SEC’s ETF review has injected fresh excitement into the market, but sustained gains require continued buying pressure. The broader crypto market sentiment also plays a significant role in DOGE’s trajectory. If Bitcoin and Ethereum maintain their bullish trends, DOGE could ride the wave and attract more investors. A successful close above $0.287 could set the stage for a sustained rally toward $0.33 and $0.39. However, if sellers regain control, DOGE might experience a temporary pullback before its next move. Given the ongoing ETF developments and technical patterns, DOGE appears poised for further price appreciation in the coming weeks. What This Means for Traders and Investors Short-term traders should watch the $0.287 resistance closely. A breakout above this level may signal a strong buying opportunity. For long-term investors, the ETF approval process remains a crucial factor. If regulators greenlight the fund, DOGE could see heightened institutional demand, pushing its value even higher. While risks remain, the current market structure suggests that DOGE has room for further gains. Read Also: Dogecoin Surges 4% After Elon Musk’s DOGE Website Launch—$0.5740 Price Target in Sight? The SEC’s acceptance of Grayscale’s DOGE ETF application has reignited interest in Dogecoin. While final approval remains uncertain, the market has responded positively, pushing DOGE toward critical resistance levels. Breaking above $0.287 could open the door for a move to $0.33 and beyond. However, traders should remain cautious, as failure to hold above key support could lead to temporary pullbacks. As institutional interest grows, DOGE’s long-term prospects continue to strengthen. With momentum building, all eyes remain on whether DOGE can sustain this rally and establish new highs in 2025.
Shiba Inu (SHIB) Jumps 2% After Mysterious $1.41M Transfer – Is a Whale Accumulating?
The crypto world buzzes with excitement as Shiba Inu (SHIB) makes headlines again. A sudden transfer of 85.544 billion SHIB, worth approximately $1.41 million, recently left Coinbase. On-chain analytics firm Arkham Intelligence flagged the transaction, sparking curiosity among traders and investors. The recipient wallet, labeled “0xB768,” had no prior transactions, making this movement even more intriguing. Whale movements often raise speculation in the market. Many believe a significant investor is accumulating SHIB in anticipation of a price rally. Others suggest Coinbase shifted funds internally for liquidity management. Regardless of the motive, this transfer has caught the community’s attention. Shiba Inu Price Reacts with a 2% Increase Shortly after the transfer, SHIB’s price climbed 2% to $0.0000167. This price movement coincided with the transaction, raising questions about a potential correlation. When large investors move SHIB off exchanges, traders often interpret it as a bullish signal. Many assume the investor intends to hold, reducing available supply and potentially increasing demand. Read Also: Shiba Inu Struggles Against Resistance at $0.00001605 Despite Historic UAE Partnership However, some argue this transfer resulted from internal exchange operations. Coinbase, like other platforms, frequently redistributes assets between wallets. If this transfer was part of a routine liquidity adjustment, the price increase may be coincidental. Still, the market remains eager to see how SHIB performs in the coming days. Why This Transfer Could Signal a Bullish Trend Some analysts believe this withdrawal indicates a bullish trend for SHIB. Removing large amounts from exchanges can create scarcity, which may drive the price higher. A strategic investor could be accumulating SHIB, signaling confidence in its long-term potential. If the trend continues, market sentiment may shift, encouraging more traders to invest. Many in the crypto community monitor whale movements closely. Significant withdrawals often suggest that institutional players anticipate growth. If additional large transfers occur, traders may gain further confidence in SHIB’s upward trajectory. While no guarantees exist, the market tends to follow the actions of high-net-worth investors. Could This Be an Internal Coinbase Transfer? Despite the excitement, skeptics caution against reading too much into this transaction. Exchanges frequently move assets between hot and cold wallets to manage liquidity. If this transfer was an internal operation, it would not impact SHIB’s circulating supply. In that case, the market response may be temporary rather than a sign of a long-term price shift. Traders must consider both possibilities before making investment decisions. While whale accumulation often fuels speculation, internal transfers occur regularly. Without further data, investors should approach the situation with cautious optimism. What’s Next for Shiba Inu Investors? Investors will closely watch for additional whale activity. If more large-scale SHIB withdrawals occur, the bullish argument will gain strength. Traders will also monitor price action to determine if SHIB maintains its upward momentum. If the price continues rising, it may confirm that a whale is accumulating the token. Some investors remain cautious, waiting for confirmation before increasing their holdings. If Coinbase provides more clarity, it may ease market speculation. For now, the SHIB community stays on high alert, ready to react to any further developments. Should You Buy SHIB Now? Those bullish on SHIB’s future may see this moment as a buying opportunity. Whale activity often signals confidence in an asset. If a significant investor accumulates SHIB, the price could rise further. However, traders must conduct thorough research before making decisions. Market movements can be unpredictable. Whether this transfer marks the beginning of a rally or a temporary fluctuation remains uncertain. Investors should stay informed, track SHIB’s price action, and watch for new developments. The next few days could provide valuable insights into SHIB’s direction. Read Also: Dogecoin Surges 4% After Elon Musk’s DOGE Website Launch—$0.5740 Price Target in Sight? The mysterious SHIB transfer has fueled speculation and excitement within the crypto space. Some see it as a bullish sign, while others view it as a routine exchange movement. Regardless of the motive, SHIB remains a hot topic among traders. If more large transfers follow, the case for an uptrend strengthens. Until then, the market watches closely, eager to see where SHIB goes next.
Japan’s PM Backs Musk’s D.O.G.E to Cut Government Waste – But Is It Enough?
Japan’s Prime Minister Shigeru Ishiba and Digital Minister Masaaki Taira have publicly supported Elon Musk’s D.O.G.E (Department of Government Efficiency) initiative. They believe cutting government waste will streamline operations and modernize Japan’s administrative systems. The crypto community sees this as a step toward fairer regulations for digital assets, hoping it will create a more business-friendly environment. Why Japan Supports D.O.G.E Musk’s vision of reducing government inefficiency has gained strong support in Japan. Many social media users, including Nihon Patriot, argue that D.O.G.E. can eliminate outdated bureaucratic systems, simplify regulations, and boost business growth. Supporters believe modernizing government processes will accelerate decision-making and reduce red tape, creating a more efficient economy. Read also: Dogecoin Price Poised for a $0.47 Massive Rally… Overlooked Issues: Defense Spending and Bigger Financial Concerns While D.O.G.E has sparked enthusiasm, some critics argue that it focuses on minor inefficiencies while ignoring larger financial challenges. Japan continues to allocate massive funds to its military and U.S. defence projects, raising concerns about whether the government truly prioritises financial efficiency. Prime Minister Ishiba, a strong advocate for national defence, recently met with former U.S. President Donald Trump to reinforce military alliances. Critics believe that while D.O.G.E promotes cost-cutting, it does not address the billions spent on defense and foreign policies. Meanwhile, in the U.S., Musk’s involvement in government data access through D.O.G.E has led to legal battles with the U.S. Treasury, further fueling debates on transparency and accountability in public spending. A More Balanced Approach to Efficiency Reducing government waste is a positive step, but true efficiency requires reviewing all expenditures. Many crypto supporters argue that Japan should cut bureaucratic waste and reconsider unnecessary military and public project spending. A more balanced approach would free up resources for innovation, including blockchain and emerging technologies. Impact on Crypto and Blockchain If governments actively work to eliminate inefficiencies, crypto and blockchain industries could experience rapid growth. Fewer bureaucratic barriers would make it easier for businesses to adopt blockchain technology, strengthening Japan’s position as a leader in digital innovation. However, some caution that cutting waste should extend beyond government agencies to include all aspects of national spending. The Bigger Picture: Is Japan’s Support for D.O.G.E Enough? Musk’s D.O.G.E presents an ambitious plan to cut costs, but critics believe it fails to address Japan’s largest financial drains, such as military expenditures. While reducing government inefficiency is beneficial, achieving real economic impact requires evaluating all spending priorities. Japan’s endorsement of D.O.G.E, while simultaneously increasing military budgets, raises questions about the government’s true financial strategy. A fairer and more comprehensive approach to cost-cutting could strengthen Japan’s economy, foster innovation, and propel the crypto industry forward. The success of D.O.G.E will depend on whether Japan expands its focus beyond bureaucracy and applies efficiency reforms across all sectors.
$ZOO Token Listing: A Game-Changer for Growth & Expansion
Exciting news! The Zoo team is in the final stages of securing top-tier exchange listings for the $ZOO token. A major announcement on the official listing date is just around the corner! This milestone will make $ZOO more accessible, boost trading activity, and attract new users to the platform. Behind the scenes, the team has worked tirelessly to ensure the smoothest launch with the best possible conditions. As this vision becomes reality, Zoo moves one step closer to achieving its long-term goals and unlocking new opportunities for its community. Fair & Transparent Token Distribution Zoo is committed to fairness! Before distributing $ZOO tokens, the team carefully reviews player activity to eliminate bots and fraudulent accounts. Only real, engaged participants will receive their well-earned rewards. This rigorous process safeguards the ecosystem’s integrity and ensures genuine supporters benefit. Transparency has always been at the heart of Zoo, and this step reinforces that commitment. The team strengthens the project’s foundation and long-term sustainability by keeping $ZOO in the hands of those who truly contribute. Crack the Code & Win $5,000! To keep the excitement high before the listing, $Zoo has launched a thrilling challenge with a $5,000 prize! A locked wallet holds the reward, and daily riddles will provide clues to its key. The first riddle is already out—giving players a chance to test their problem-solving skills and get closer to unlocking the prize. This interactive challenge not only fuels engagement but also strengthens the Zoo community in a fun and rewarding way. Read Also: Dogecoin Price Poised for a $0.47 Massive Rally… A Bold Future for Zoo The upcoming $ZOO listing is a significant leap forward, opening new doors for expansion, visibility, and stronger trading options. With a thriving community, fair distribution strategies, and high-impact exchange partnerships, Zoo is set to make waves in the crypto space. As the listing approaches, supporters are encouraged to stay engaged, join the challenges, and gear up for the next phase of Zoo’s journey. The best is yet to come!
Blum Raises $5M to Transform Digital Trading
Blum has secured $5 million in pre-seed and seed funding to expand its services and reshape the future of digital trading. Gumi Cryptos led the funding round, with strong backing from YZI Labs, The Spartan Group, No Limit Holdings, OKX Ventures, TopDot, Bitscale Capital, and WMT Ventures. With this financial boost, Blum will enhance its platform, optimize trading tools, and provide a seamless experience for its growing global community of over 90 million users. A Major Leap Forward for Blum This funding marks a significant milestone in Blum’s mission to become a leading digital trading platform. The company focuses on simplifying trading for users of all experience levels. This investment will accelerate the development of new features, strengthen security, and improve overall platform performance to meet the increasing demands of traders worldwide. Blum’s CEO emphasized the importance of this achievement, stating:“Having the support of such influential investors validates our vision. This funding allows us to scale operations, refine our technology, and offer our users the best possible trading experience.” Leading Investors Drive Blum’s Expansion Gumi Cryptos, a key player in blockchain and cryptocurrency investments, led the funding round. Major industry investors contributed strategic expertise and financial backing. Their support positions Blum to navigate the evolving digital trading landscape and expand its influence in the market. Blum plans to list its token in Q1 2025, an event that has already sparked anticipation within the crypto community. Read Also: Dogecoin Surges 4% After Elon Musk’s DOGE Website… How This Funding Benefits Blum Users Blum will use this investment to roll out new features and improvements that enhance the trading experience: Blum’s Airdrop to Reward Users Blum is preparing an exciting airdrop to engage its growing community. This initiative will give users new opportunities to interact with the platform and benefit from its rapid expansion. The Future of Trading Starts Now With strong investor backing, cutting-edge technology, and an expanding user base, Blum is set to revolutionize digital trading. As the platform evolves, traders can expect a faster, more secure, and highly efficient experience.
Dogecoin Surges 4% After Elon Musk’s DOGE Website Launch—$0.5740 Price Target in Sight?
Elon Musk’s Department of Government Efficiency (DOGE) took a major step on Thursday by launching its official website. The advisory panel, created during Trump’s presidency, now provides updates on spending cuts and streamlining federal operations. This move has sparked discussions nationwide, reinforcing the panel’s goals and vision. DOGE Website Offers Insights on Spending Cuts On February 13, the Department of Government Efficiency announced on X that its official website, ‘doge.gov,’ had launched. This site provides real-time updates on government spending reductions, agency employee activities, and the panel’s efficiency improvements. Elon Musk confirmed that the website will showcase “details of cost savings.” He also shared his plan to dedicate the next four months to cutting $2 trillion from the federal budget. His announcement fueled further interest in the panel’s ambitious goals. Read Also: Shiba Inu Struggles Against Resistance at $0.00001605 Despite Historic UAE Partnership Inflation Expectations Amid Cost-Cutting Measures Fox Biz correspondent Charles Gasparino shared insights on X about the panel’s impact on inflation. He suggested that if the advisory department meets its targets, inflation could drop to 2%. Currently, U.S. Consumer Price Index (CPI) inflation data for January shows a 3% year-over-year increase, exceeding expectations. If the panel successfully implements cost-reduction strategies, broader market sentiment may improve, benefiting risk assets. The panel also plans to introduce an “overall savings scorecard” and a breakdown of cost reductions by February 14. These upcoming initiatives add to the excitement surrounding this governmental effort. Dogecoin Rises After DOGE Announcement Musk’s initiative not only affects government policy but also influences the crypto market. Dogecoin, the meme cryptocurrency often linked to the billionaire, gained over 4% after the announcement. At reporting time, Dogecoin traded at $0.2579, reaching an intraday high of $0.267 from a low of $0.2489. Investors speculate that Musk’s involvement in DOGE will boost Dogecoin’s price. His previous endorsements have significantly influenced the token’s movements, adding to market intrigue. Crypto analyst ‘VipRoseTr’ expressed optimism about Dogecoin’s future. He pointed out that the price rebounded from a Fibonacci support level, signaling a bullish reversal. If this trend continues, Dogecoin could reach $0.4993, $0.5740, and $0.6543. However, given the meme coin market’s volatility, traders remain cautious.
Powell Shuts the Door on U.S. CBDC—Here’s What It Means for the Future
If you were expecting a U.S. central bank digital currency (CBDC) anytime soon, think again. Fed Chair Jerome Powell made it clear that there will be no digital dollar under his leadership. During a Senate Banking Committee hearing on February 11, Senator Bernie Moreno asked Powell directly:“Can I have your commitment that as long as you are the Chairman of the Federal Reserve System, we will never have a central bank digital currency?” Powell’s response? A firm and unequivocal “Yes.” Why Is the U.S. Rejecting a CBDC? Powell’s stance aligns with recent political moves blocking the possibility of a digital dollar. On January 23, 2025, President Donald Trump signed an executive order barring federal agencies from considering a CBDC. Congress has also introduced the No CBDC Act, preventing the Federal Reserve from launching digital currency without congressional approval. Supporters of a CBDC argue it could make transactions faster, safer, and more efficient. However, critics see it as a potential government overreach. The biggest concern? Financial surveillance. Sceptics worry that a digital dollar could grant the federal government unprecedented access to Americans’ financial lives—similar to China’s digital yuan. Representative Tom Emmer has been one of the most vocal opponents, warning that a CBDC could erode financial privacy and personal freedoms. Read Also: WazirX Set to Restore 85% of Lost Assets… U.S. Stalls While the World Moves Forward As the U.S. pumps the brakes on a CBDC, other nations accelerate their digital currency plans. A report from the Atlantic Council reveals that 134 countries—covering 98% of the global economy—are actively developing CBDCs, with 66 already in advanced stages. China, India, Brazil, and the European Central Bank are all moving ahead, embracing the future of government-backed digital money. Meanwhile, the U.S. remains an outlier—for now. What’s Next for Digital Money in America? Powell’s stance represents the Fed’s strongest rejection of a CBDC yet. While the Federal Reserve has studied its potential effects, it has taken no formal steps toward implementation. With Powell’s term running until May 2026, this policy will unlikely change shortly. However, once Powell steps down, the debate could reignite. The question remains: Will the U.S. continue resisting a digital dollar while the rest of the world moves forward? For now, the answer is a resounding no CBDC under Powell’s watch.
WazirX Set to Restore 85% of Lost Assets for Hack Victims
Indian crypto exchange WazirX is making a strong comeback after the recent hack, with 85% of lost assets now on track for recovery. The platform has rebalanced its assets following the latest updates, ensuring affected users regain most of their portfolio value. The recovery calculations are based on July 18, 2024, records, offering much-needed relief to impacted investors. WazirX Rebalances Assets, Fund Recovery Begins in April 2025 WazirX has completed its asset rebalancing, paving the way for users to recover their lost funds. The exchange finalized the process on Tuesday and will begin the first distribution round in April 2025. Announcing the update on X (formerly Twitter), WazirX stated:“Rebalancing Complete! The rebalancing of platform assets is now done!Based on rebalancing prices, the initial fund distribution will return approximately 85.25% of USD value to creditors.Creditors can check their allocated share on the WazirX app and website.” This marks a crucial step in helping affected users regain their assets after the recent security breach. Zettai remains committed to maximizing recoveries through: All this depends on the Scheme’s approval if a majority votes Yes!” Wazir Recover Funds The latest India crypto news shows that the first compensation round will start in April. Users lost certain INR and USD in July. This was due to the $230 million hack. As of now, users can access the Indian rupee (INR) and US dollars (USD). Read Also: Ripple vs. SEC: Will the $13 XRP Forecast… The platform introduced this rebalancing process. The process adds extra value to the non-stolen tokens. This way, users can recover more assets. CoinDCX offered support to the Indian crypto exchange. It came in support of the exchange as well as its users. Rebuilding Trust WazirX is taking significant steps to rebuild the lost trust. The ongoing process will play an important role in tackling worries about the stolen funds. However, only 75% of lenders’ approval to move forward can allow for rebalancing. All lenders need to do so before or on Feb 19, 2025. They need to be quick in making decisions. The whole plan includes the introduction of a decentralized exchange. This DEX will release tradeable recovery tokens. The introduction forms a significant part of the entire process. The tokens will be bought back periodically over three years. This will need platform earnings and additional revenue sources. All this will give the affected people steady compensation. WazirX also seeks to reduce the lasting effects of the lost funds on investor trust. People wish to know if WazirX is safe or closed. They also have questions about whether WazirX is legal in India. However, the proposal may also face a rejection from the lenders. This may collapse the restructuring and shift the process toward liquidation under section 301 of the Singapore Companies Act. WazirX has been offered help from other Indian crypto exchanges, such as CoinDCX and CoinSwitch. WazirX Hack Last July, WazirX had a breach of its multi-signature wallet. This resulted in the theft of over $100 million in SHIB and $52 million in Ethereum, along with other assets. These stolen funds formed over 45% of the total reserves. This report in WazirX’s June 2024 statement prompted an urgent restructuring to address its liabilities.
