Indian crypto exchange WazirX is making a strong comeback after the recent hack, with 85% of lost assets now on track for recovery. The platform has rebalanced its assets following the latest updates, ensuring affected users regain most of their portfolio value. The recovery calculations are based on July 18, 2024, records, offering much-needed relief to impacted investors.
WazirX Rebalances Assets, Fund Recovery Begins in April 2025
WazirX has completed its asset rebalancing, paving the way for users to recover their lost funds. The exchange finalized the process on Tuesday and will begin the first distribution round in April 2025.
Announcing the update on X (formerly Twitter), WazirX stated:
“Rebalancing Complete!
The rebalancing of platform assets is now done!
Based on rebalancing prices, the initial fund distribution will return approximately 85.25% of USD value to creditors.
Creditors can check their allocated share on the WazirX app and website.” This marks a crucial step in helping affected users regain their assets after the recent security breach.
Zettai remains committed to maximizing recoveries through:
- Platform reactivation
- Recovery Tokens
- Asset recovery (including stolen funds)
- New business initiatives (DEX)
All this depends on the Scheme’s approval if a majority votes Yes!”
Wazir Recover Funds
The latest India crypto news shows that the first compensation round will start in April. Users lost certain INR and USD in July. This was due to the $230 million hack. As of now, users can access the Indian rupee (INR) and US dollars (USD).
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The platform introduced this rebalancing process. The process adds extra value to the non-stolen tokens. This way, users can recover more assets.
CoinDCX offered support to the Indian crypto exchange. It came in support of the exchange as well as its users.
Rebuilding Trust
WazirX is taking significant steps to rebuild the lost trust. The ongoing process will play an important role in tackling worries about the stolen funds. However, only 75% of lenders’ approval to move forward can allow for rebalancing. All lenders need to do so before or on Feb 19, 2025. They need to be quick in making decisions.
The whole plan includes the introduction of a decentralized exchange. This DEX will release tradeable recovery tokens. The introduction forms a significant part of the entire process. The tokens will be bought back periodically over three years. This will need platform earnings and additional revenue sources. All this will give the affected people steady compensation.
WazirX also seeks to reduce the lasting effects of the lost funds on investor trust. People wish to know if WazirX is safe or closed. They also have questions about whether WazirX is legal in India.
However, the proposal may also face a rejection from the lenders. This may collapse the restructuring and shift the process toward liquidation under section 301 of the Singapore Companies Act.
WazirX has been offered help from other Indian crypto exchanges, such as CoinDCX and CoinSwitch.
WazirX Hack
Last July, WazirX had a breach of its multi-signature wallet. This resulted in the theft of over $100 million in SHIB and $52 million in Ethereum, along with other assets. These stolen funds formed over 45% of the total reserves. This report in WazirX’s June 2024 statement prompted an urgent restructuring to address its liabilities.
