WazirX is a popular Indian crypto exchange. Its asset rebalancing is done as per the latest WazirX news. As a result, the victims of the recent WazirX hack will be able to recover 85% of their portfolio value. This value is based on records as per July 18, 2024.
The exchange’s asset rebalancing concluded yesterday, that is, this Tuesday. The first distribution round will occur in April 2025.
WazirX posted on the social media platform X (formerly Twitter),
“Rebalancing Complete!
The rebalancing of platform assets is now done!
Initial Fund distribution will return ~85.25% of USD value to creditors, based on rebalancing prices.
Creditors can check their allocated share on the WazirX app & website.
Zettai remains committed to maximizing recoveries through:
Platform reactivation
Recovery Tokens
Asset recovery (including stolen funds)
New business initiatives (DEX)
All this depends on the Scheme’s approval if a majority votes Yes!”
As per the latest India crypto news, 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 carry the access to see this Indian Rupee (INR) and US Dollars (USD).
The platform introduced this rebalancing process. The process adds extra value from 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.
WazirX is taking significant steps to rebuild the lost trust. The ongoing process will play a major role in tackling worries about the stolen funds. However, 75% approval from lenders to move forward only can allow the rebalancing process. All lenders need to do so before or on Feb 19, 2025. They need to be quick in making decision.
The whole plan includes the introduction of a decentralized exchange. This DEX will release tradeable recovery tokens. The introduction forms a major part of the whole 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 - is WazirX safe, is WazirX closed. They also have questions like - is WazirX 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.
Last July, WazirX had a breach of its multisignature 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.
Surbhi Jain is an accomplished English News Writer and Content Writer associated with Coin Gabbar, where she covers cryptocurrency, blockchain, and financial market updates. With a focus on clarity, accuracy, and SEO-driven writing, she aims to make complex crypto concepts understandable for a broad audience. Surbhi’s content combines research and readability to deliver timely and reliable information to readers interested in digital finance.
Beyond her professional work, she enjoys reading books, which enhances her creativity and helps her stay informed about emerging trends in technology and finance.
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