• WazirX completed rebalancing its net liquid assets and will resume trading within 10 days of the restructuring scheme’s activation.
  • If creditors approve the restructuring, victims of the hack could receive stolen crypto as early as April 2025; otherwise, recovery may be delayed until 2030.

Hacked cryptocurrency exchange WazirX has completed the rebalancing of net liquid assets on its platform as part of a restructuring scheme. The exchange plans to resume trading within 10 days of the scheme’s activation. If creditors approve the restructuring, victims of the hack could start receiving their stolen crypto assets as early as April 2025.

In a recent post on X, WazirX stated that it has introduced a preliminary creditor list along with a snapshot of user balances as of July 18, 2024, when hackers stole $235 million worth of crypto from one of its wallets.

“Creditors can now check their claim amount in USD using a unique UUID. The list is ordered by descending value of claims and can be searched using the UUID,” the post read.

Creditors are set to vote on the restructuring proposal in the coming weeks. The scheme will be implemented if more than 75% of voting creditors by value approve it. If the outcome is negative, the process will shift towards liquidation under Singapore’s Companies Act, delaying asset recovery until 2030 and potentially reducing the amount users can recover.

WazirX has outlined a compensation plan under the restructuring scheme, including rebalancing and distributing net liquid assets, sharing profits from a potential new decentralized exchange (DEX), and attempting to recover stolen assets. The exchange has also committed to returning 85% of users’ crypto reserves based on rebalancing prices.

As of December 5, 2024, WazirX held $565.7 million in digital assets, while user claims total approximately $546 million. The Singapore High Court has permitted WazirX’s parent company, Zettai, to hold a meeting with users to seek approval for the restructuring scheme.

Meanwhile, WazirX has continued its recovery efforts, freezing $3 million in stolen assets in January. Multiple government agencies, including the Financial Intelligence Unit and CERT-In, are investigating the hack.

Edited by Harshajit Sarmah