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The WazirX hack, which resulted in the theft of over $230 million, has sparked significant controversy in 2024, leaving affected users in limbo for months. Recently, WazirX announced plans to distribute funds to eligible creditors through a restructuring scheme, pending court approval.
A creditors’ meeting is scheduled for the 22nd of this month, which is a crucial step in the process. Once the court grants approval, WazirX aims to initiate the distribution of net liquid platform assets within ten business days.
FAQs around Restructuring Scheme
Q1: What is the expected timeline for the creditors and the Court’s approval of the restructuring scheme? When can creditors expect to receive their funds?
A: The Effective Scheme Date is subject to Court timelines and the Scheme process.… pic.twitter.com/KK8AvNS3bz
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 3, 2025
Despite the complexities of the restructuring, WazirX said it is committed to resolving the situation as swiftly as possible, with expectations for crypto withdrawals by April. CoinDCX, another prominent Indian crypto exchange, has offered support in recovering the lost funds, although they are limited by Singaporean laws. WazirX plans to reactivate its platform following the initial distribution of assets, focusing on maximizing recoveries for creditors while exploring new business initiatives. In addition to these efforts, WazirX has announced intentions to enhance its services and launch a decentralized exchange (DEX) after the restructuring scheme is approved. The exchange has also addressed frequently asked questions on its website to keep users informed. While the path to recovery remains lengthy, WazirX is dedicated to resolving the issues and ensuring creditors can eventually access their funds.
