WazirX, once India’s leading crypto exchange, has faced a considerable setback after being hacked in July 2024, losing over $230 million in user funds to the North Korean hacker group Lazarus. The exchange is now urging its creditors to vote on a proposed restructuring scheme, enabling them to start recovering their stolen crypto as early as April 2025 if approved by at least 75% of creditors by value. The plan includes resuming trading operations and providing payouts within 10 days, while also launching a decentralized exchange and introducing recovery tokens. However, if creditors do not approve the scheme, the process could lead to liquidation, potentially resulting in a significant loss of asset value and longer recovery times, pushing the estimated repayment to 2030. This restructuring effort follows criticism regarding WazirX's handling of the situation and aims to mitigate further losses for creditors while avoiding total liquidation.

Source 🔗