Indian cryptocurrency exchange WazirX
Keep reading to find out how WazirX is bouncing back stronger than ever.
To address the damages and move forward, WazirX has implemented a restructuring plan under Singapore’s legal system. In August 2024, its parent company, Zettai, filed a moratorium in the Singapore High Court to propose a Scheme of Arrangement.
However, this allows the exchange to restructure its debts and liabilities while avoiding liquidation, ensuring that users will be compensated in an organized and transparent manner.
WazirX reassured users by revealing it holds liquid assets worth $566.4 million USDT, which is more than enough to cover the $546.5 million USDT in claims filed by affected users. As part of the recovery plan, WazirX will issue recovery tokens to settle these claims.
WazirX founder nischal shetty
“Our goal is to give users more value than what was stolen.”.
The distribution of recovery tokens is expected to begin after the court and creditors approve the plan. WazirX estimates that users will receive around 75% to 80% of their account balances at the time of the cyberattack. The initial distributions will be completed within 10 business days after the plan is finalized.
Recently Coinpedia news reported that WazirX’s competitor, CoinSwitch, has launched a fund called “CoinSwitch Cares” to support victims of the attack. The fund is around $69.9 million (600 crore INR) and aims to provide relief to affected users. CoinSwitch is also pursuing legal action against WazirX to recover $1.44 million stuck on the platform.
Despite the challenges, WazirX is determined to recover and regain the trust of its users. The broader crypto community is rallying to support those affected.
As WazirX works to rebuild and recover, the path ahead promises a stronger, more resilient exchange determined to regain its place in the crypto world. We love to see it!
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