WazirX Hack Victims to Receive 85% Recovery After Asset Rebalancing Completion

WazirX is moving forward with its recovery plan, offering victims of the July 2024 $230 million hack 85% of their original portfolio value, based on the assets recorded as of July 18. The first round of payouts will begin in April, pending creditor approval.

As of Tuesday, users can now view their lost assets’ value in both U.S. dollar and Indian rupee terms. Any remaining untapped tokens that were not stolen have been redistributed across all affected users, increasing the amount to be recovered.

Creditors have until February 19 to approve the asset rebalancing scheme, with a 75% majority vote required to proceed. If the plan is approved, WazirX intends to launch a decentralized exchange (DEX) and recovery tokens, which will be periodically bought back using the platform’s profits over the next three years.

Should creditors reject the plan, the exchange faces liquidation under section 301 of the Singapore Companies Act, which may lead to a fire sale of assets and lower recovery for creditors.

The hack in July resulted in the loss of significant assets, including over $100 million in shiba inu (SHIB) and $52 million in ether. The breach was believed to be orchestrated by the Lazarus Group, a North Korean hacking entity, as previously reported by CoinDesk.