In July 2024, WazirX, a prominent cryptocurrency exchange, experienced a significant security breach resulting in the loss of approximately $230 million. After months of diligent efforts, WazirX has completed the rebalancing of its assets and is now proposing to return 85% of the stolen funds to affected users, contingent upon creditor approval.
The exchange has outlined a distribution plan that will commence within 10 business days following the effective date of the Scheme of Arrangement, provided it receives the necessary court approvals and a majority “YES” vote from users. The initial distribution will be made in tokens, covering approximately 85% of creditors’ balances as valued on July 18, 2024.
WazirX has partnered with zeroShadow to enhance security measures and has successfully recovered $3 million of the stolen assets. Future distributions are planned over a three-year period, supported by ongoing asset recovery efforts and operational profits.
The exchange emphasizes that the success of this recovery plan is dependent on creditor approval. If the Scheme is executed within the estimated timeframe, it would mark one of the fastest recovery and distribution processes in cryptocurrency history.
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