Indian Crypto Exchange Wazirx tells creditors to accept new procedure, or wait until 2030 for refunds of $ 230m hack
Wazirx creditors may begin receiving their stolen crypto early in April, or in 2030, based on the outcome of a voting scheme, which has been scheduled for the coming weeks.
Creditors of the hacked Indian crypto exchange will need to vote if approved the repair scheme. If most, or more than 75% by the amount of croted creditors, voted Yes, the procedure became effective in April 2025, as previously approved by a Singapore court, the company said in an X post.
If the scheme is approved, the platform is then set to restart trade operations, with the preliminary payout promised within 10 business days after activating the scheme, including distributing net liquid assets .
Part of the refund plan is to launch a decentralized exchange (DEX), issue recovery tokens that can be exchanged, and conduct a time -to -time purchase of recovery tokens using platform revenues and new Stream of income.
However, if the scheme is not approved, the repair plan fails and the process moves toward the extermination under section 301 of the Singapore Company Act – which potentially leads to a fire sale of property and properties Creditors that receive less compensation while the owners are sold to possible lower values.
The process may be less interesting -for lenders due to delays and reduced amount of owner, Wazirx mentioned in its post.
The Wazirx, once Indian crypto exchange by trade volumes, was hacked by North Korea hacker outfit Lazarus in July 2024 and saw more than $ 230 million of user funds stolen From the platform.
Hacker laundered all stolen funds in different addresses using Tornado Cash to hide transactions, as CoinDesk Reported in SeptemberFurther expectation of a full recovery.
Wazirx, still emerging from financial and reputation damageworked to recover funds with limited success. It faces criticism for its handling of the crisis, especially about user communication and fund recovery processes.
It filed for a moratorium in Singapore’s courts and received a court approved for a repair plan in January for the recitation of the Creditor, avoiding total extermination.
