KeyTakeaways:
- WazirX’s recovery plan aims to recover 75-80% of stolen funds.
- A “Find My Balance” tool allows users to check claims.
- Court-approved plan offers payouts starting in April 2025, depending on approval.
WazirX, the cryptocurrency exchange that suffered a significant $235 million hack in July 2024, has shared a critical update on its ongoing fund recovery efforts. The company’s restructuring plan, approved by the Singapore High Court, aims to compensate affected users, though full reimbursement remains uncertain.
WazirX has released a preliminary list of creditors and a snapshot of account balances as of July 18, 2024, to provide transparency. This release allows users to verify the amounts they are entitled to claim. Creditors can check their claims through a unique identifier (UUID), ensuring privacy and security.
Additionally, WazirX has introduced a “Find My Balance” tool, enabling users to track their balances and confirm details of their claims. Claim amounts organize the creditor list and includes information on token balances and deposits made after the hack.
Court-Approved Recovery Plan with a Catch
Despite the relief this update may offer, the recovery plan approved by the Singapore High Court provides a mixed outlook. The plan aims to recover 75% to 80% of the stolen funds, meaning full restitution for users is not guaranteed. The exchange has provided creditors with two options: If the majority approves the plan, payouts could begin by April 2025. However, if the plan is rejected, the recovery process could stretch over up to five years.
WazirX’s recovery plan is seen as a pioneering effort in the crypto market, with the exchange attempting to address one of the largest hacks in its history in an organized manner. Although the process may not satisfy all affected users, it sets a precedent for future cryptocurrency exchanges facing similar challenges.
The exchange’s restructuring plan has been met with mixed reactions from the community. Some have expressed frustration with the slow pace of progress, while others acknowledge the complexity of recovering stolen funds. WazirX’s efforts represent one of the first structured attempts to manage and recover stolen crypto assets in such a large-scale incident.
