Most WazirX creditors voted to approve the crypto exchange’s post-hack restructuring plan, paving the way for repayment through a mix of liquid assets and recovery tokens.
WazirX News
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WazirX warns creditors that repayments could be delayed until 2030 if they reject its restructuring plan, which was recently approved by the High Court of Singapore.
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WazirX’s restructuring plan, approved by the Singapore High Court, paves the way for restoring user funds stolen in a $235 million hack linked to North Korea’s Lazarus Group.
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WazirX has implemented a Singapore-backed restructuring plan to recover from the $235 million cyberattack in July 2024.
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CoinSwitch expects it will take two years to distribute $70 million in recovery funds to WazirX users who lost money due to an alleged cyberattack last year.
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India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.
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Delhi Police made a breakthrough in the WazirX hacking case, arresting a key suspect in West Bengal.
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According to Liminal, 75 days after the hack, WazirX still kept more than $175 million in Liminal custody despite blaming the custodian for causing the breach.
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WazirX’s $235 million hack recovery efforts face hurdles as internal findings yield little to no significant breakthroughs.
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Binance urged the WazirX team to take accountability for the hack and compensate users for the loss of funds.
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A wallet address associated with the WazirX hacker has transferred $6.5 million worth of stolen ETH to Tornado Cash as the exchange opens up withdrawals to users ahead of time.
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Crypto hackers have stolen over 15.5% more in 2024 so far compared to the same period last year.
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The crypto security team is preparing to launch a battleground for hackers and crypto protocols at the DeFi Security Summit at Devcon in November.
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The crypto exchange did not provide a timeline on when crypto withdrawals might resume, citing legal issues.
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WazirX, one of the largest crypto exchanges in India, lost $235 million to a multisig wallet security breach in July 2024.
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