icon
icon
icon
icon
๐Ÿท๏ธ$300 Off
๐Ÿท๏ธ$300 Off

News /

Articles /

WazirX Creditors Approve Restructuring Plan, 93.1% Vote in Favor

Coin WorldMonday, Apr 7, 2025 10:32 am ET
2min read

More than 90% of the voting creditors of the Indian crypto exchange WazirX have endorsed the platformโ€™s post-hack restructuring plan. According to an April 7 announcement, 93.1% of voting creditors, who hold 94.6% of the value, voted in favor of the plan. All creditors who held crypto balances on the platform were eligible to vote on the Kroll Issuer Services platform from March 19 until March 28.

WazirX co-founder and CEO Nischal Shetty emphasized that with the plan approved, the recovery of stolen assets is now a primary focus. He also highlighted profit sharing as an additional measure the firm hopes to use to compensate its users. This development follows early February reports that WazirX had warned that repayments from the $235 million hack against it could be delayed until 2030 if creditors didnโ€™t approve its proposed restructuring plan. At the time, the platform indicated that creditors might face โ€œunclear and potentially extended timelinesโ€ if the plan wasnโ€™t approved.

Shetty celebrated the vote results in a subsequent post, stating, โ€œThe people have spoken. We will work hard on rebuilding and creating value for everyone.โ€ The plan for repaying creditors involves WazirX holding liquid assets amounting to $566.4 million USDt, while the claims amount to $546.5 million USDT. The exchange also released recovery tokens to settle outstanding claims, allowing creditors to benefit from future platform operations and asset recovery. WazirX promised to return funds through token distributions that could yield 75% to 80% of the value of usersโ€™ account balances at the time of the cyberattack. The rest would be represented by recovery tokens, which will be periodically repurchased using profits generated from platform operations and a proposed decentralized exchange (DEX).

Plans to launch the DEX were unveiled in November 2024, with Shetty stating that it will help prevent hack losses from happening again. He said, โ€œThe best thing is that you'll be able to self-custody your assets here โ€” your assets will be completely under your control โ€” and you can freely trade or do what you want with your assets.โ€ Shetty also mentioned that the DEX will aim to be much simpler to interact with than the usual experience of decentralized trading platforms, stating, โ€œOur goal is to make it on par with our CEX in terms of ease of operating.โ€

WazirX lost $234.9 million of digital assets in a Safe Multisig wallet in mid-July 2024. The attack was attributed to North Korean state actors and unfolded with alarming speed and precision, with many speculating on its impact on the broader crypto industry. To prevent future hacks, WazirX has moved to BitGo and Zodia for crypto custody, promising โ€œenhanced protection of funds.โ€ The partnerships also reportedly include insurance.

Hacks continue to be a significant issue for the cryptocurrency industry. Securing digital assets requires more than just secure on-chain code โ€” the entire infrastructure, from front-end interfaces to internal processes, must be equally hardened, as all it takes is a single weak spot to wreck the entire system. This is also the third quarter in a row that the top exploit was a multisignature-related event.

Comments

Add a public comment...
Post
User avatar and name identifying the post author
04/07

๐™ธ ๐š‘๐š˜๐š™๐šŽ ๐šข๐š˜๐šžโ€™๐š›๐šŽ ๐š๐š˜๐š’๐š—๐š ๐š ๐šŽ๐š•๐š•. ๐™ธ ๐š ๐šŠ๐š—๐š๐šŽ๐š ๐š๐š˜ ๐š™๐šŽ๐š›๐šœ๐š˜๐š—๐šŠ๐š•๐š•๐šข ๐š›๐šŽ๐šŠ๐šŒ๐š‘ ๐š˜๐šž๐š ๐š‹๐šŽ๐šŒ๐šŠ๐šž๐šœ๐šŽ ๐š ๐šŽโ€™๐š›๐šŽ ๐šŒ๐šž๐š›๐š›๐šŽ๐š—๐š๐š•๐šข ๐š ๐š’๐š๐š—๐šŽ๐šœ๐šœ๐š’๐š—๐š ๐šŠ ๐š™๐š’๐šŸ๐š˜๐š๐šŠ๐š• ๐š–๐š˜๐š–๐šŽ๐š—๐š ๐š’๐š— ๐š๐š‘๐šŽ ๐šŒ๐š›๐šข๐š™๐š๐š˜ ๐š–๐šŠ๐š›๐š”๐šŽ๐š ๐š๐š‘๐šŠ๐š ๐šข๐š˜๐šž ๐šœ๐š’๐š–๐š™๐š•๐šข ๐šŒ๐šŠ๐š—โ€™๐š ๐šŠ๐š๐š๐š˜๐š›๐š ๐š๐š˜ ๐š–๐š’๐šœ๐šœ. ๐™ฑ๐š’๐š๐šŒ๐š˜๐š’๐š— ๐š’๐šœ ๐šŒ๐šž๐š›๐š›๐šŽ๐š—๐š๐š•๐šข ๐šœ๐š’๐š๐š๐š’๐š—๐š ๐šŠ๐š 75๐š”, ๐šŠ๐š—๐š ๐šŠ๐š•๐š• ๐šœ๐š’๐š๐š—๐šœ ๐š™๐š˜๐š’๐š—๐š ๐š๐š˜ ๐šŠ ๐šœ๐š๐š›๐š˜๐š—๐š ๐šŒ๐š•๐š’๐š–๐š‹โ€”๐š™๐š˜๐š๐šŽ๐š—๐š๐š’๐šŠ๐š•๐š•๐šข ๐š๐š˜ 100๐š” ๐š˜๐š› ๐šŽ๐šŸ๐šŽ๐š— 150๐š” ๐š’๐š— ๐š๐š‘๐šŽ ๐š—๐šŽ๐šŠ๐š› ๐š๐šž๐š๐šž๐š›๐šŽ.


๐šƒ๐š‘๐š’๐šœ ๐š’๐šœ ๐šŽ๐šก๐šŠ๐šŒ๐š๐š•๐šข ๐š๐š‘๐šŽ ๐š”๐š’๐š—๐š ๐š˜๐š ๐š–๐š˜๐š–๐šŽ๐š—๐š ๐šœ๐š–๐šŠ๐š›๐š ๐š’๐š—๐šŸ๐šŽ๐šœ๐š๐š˜๐š›๐šœ ๐š ๐šŠ๐š’๐š ๐š๐š˜๐š›.


๐š„๐š—๐š•๐š’๐š”๐šŽ ๐š๐š›๐šŠ๐š๐š’๐š๐š’๐š˜๐š—๐šŠ๐š• ๐šœ๐š๐š˜๐šŒ๐š”๐šœ, ๐š ๐š‘๐š’๐šŒ๐š‘ ๐šŒ๐šž๐š›๐š›๐šŽ๐š—๐š๐š•๐šข ๐š˜๐š๐š๐šŽ๐š› ๐š–๐š’๐š—๐š’๐š–๐šŠ๐š• ๐š›๐šŽ๐š๐šž๐š›๐š—๐šœ ๐šž๐š—๐š•๐šŽ๐šœ๐šœ ๐šข๐š˜๐šžโ€™๐š›๐šŽ ๐š’๐š—๐šŸ๐šŽ๐šœ๐š๐š’๐š—๐š ๐š•๐šŠ๐š›๐š๐šŽ ๐šœ๐šž๐š–๐šœ, ๐šŒ๐š›๐šข๐š™๐š๐š˜๐šŒ๐šž๐š›๐š›๐šŽ๐š—๐šŒ๐šข ๐š˜๐š๐š๐šŽ๐š›๐šœ ๐š‘๐š’๐š๐š‘-๐šข๐š’๐šŽ๐š•๐š ๐š˜๐š™๐š™๐š˜๐š›๐š๐šž๐š—๐š’๐š๐š’๐šŽ๐šœโ€”๐šŽ๐šœ๐š™๐šŽ๐šŒ๐š’๐šŠ๐š•๐š•๐šข ๐š ๐š‘๐šŽ๐š— ๐šข๐š˜๐šžโ€™๐š›๐šŽ ๐š ๐š˜๐š›๐š”๐š’๐š—๐š ๐š ๐š’๐š๐š‘ ๐š๐š‘๐šŽ ๐š›๐š’๐š๐š‘๐š ๐š๐šž๐š’๐š๐šŠ๐š—๐šŒ๐šŽ ๐šŠ๐š—๐š ๐š๐š˜๐š˜๐š•๐šœ. ๐šƒ๐š‘๐šŽ ๐š–๐šŠ๐š›๐š”๐šŽ๐š ๐š’๐šœ ๐šŠ๐šŒ๐š๐š’๐šŸ๐šŽ, ๐š๐š‘๐šŽ ๐š–๐š˜๐š–๐šŽ๐š—๐š๐šž๐š– ๐š’๐šœ ๐šœ๐š๐š›๐š˜๐š—๐š, ๐šŠ๐š—๐š ๐š๐š‘๐š’๐šœ ๐š’๐šœ ๐šข๐š˜๐šž๐š› ๐šŒ๐š‘๐šŠ๐š—๐šŒ๐šŽ ๐š๐š˜ ๐š๐šŠ๐š”๐šŽ ๐šŠ ๐š›๐šŽ๐šŠ๐š• ๐š™๐š˜๐šœ๐š’๐š๐š’๐š˜๐š— ๐š‹๐šŽ๐š๐š˜๐š›๐šŽ ๐š๐š‘๐šŽ ๐š—๐šŽ๐šก๐š ๐šœ๐šž๐š›๐š๐šŽ.


๐šˆ๐š˜๐šžโ€™๐š›๐šŽ ๐š—๐š˜๐š ๐š๐š˜๐š’๐š—๐š ๐š๐š‘๐š’๐šœ ๐šŠ๐š•๐š˜๐š—๐šŽ. ๐™ธ ๐š ๐š˜๐š›๐š” ๐šŒ๐š•๐š˜๐šœ๐šŽ๐š•๐šข ๐š ๐š’๐š๐š‘ ๐šŠ ๐š‘๐š’๐š๐š‘๐š•๐šข ๐š›๐šŽ๐š™๐šž๐š๐šŠ๐š‹๐š•๐šŽ ๐šŽ๐šก๐š™๐šŽ๐š›๐š, ๐™ฒแด€แด›สœแด‡ส€ษชษดแด‡ ๐™ด. ๐šแดœ๐šœ๐šœแด‡สŸสŸ ๐š ๐š‘๐š˜ ๐™ธ ๐šŒ๐š˜๐š—๐š—๐šŽ๐šŒ๐š๐šŽ๐š ๐š ๐š’๐š๐š‘ ๐š๐š‘๐š›๐š˜๐šž๐š๐š‘ ๐™ต๐šŠ๐šŒ๐šŽ๐š‹๐š˜๐š˜๐š”. ๐š‚๐š‘๐šŽ ๐š‘๐šŠ๐šœ ๐š‘๐šŽ๐š•๐š™๐šŽ๐š ๐šŒ๐š˜๐šž๐š—๐š๐š•๐šŽ๐šœ๐šœ ๐š™๐šŽ๐š˜๐š™๐š•๐šŽ ๐š๐š›๐š˜๐š  ๐š๐š‘๐šŽ๐š’๐š› ๐š’๐š—๐šŸ๐šŽ๐šœ๐š๐š–๐šŽ๐š—๐š๐šœ ๐šŒ๐š˜๐š—๐šœ๐š’๐šœ๐š๐šŽ๐š—๐š๐š•๐šข, ๐šŠ๐š—๐š ๐š๐š‘๐šŽ๐š›๐šŽ ๐šŠ๐š›๐šŽ ๐š๐šŽ๐šœ๐š๐š’๐š–๐š˜๐š—๐š’๐šŠ๐š•๐šœ ๐šŠ๐š•๐š• ๐š˜๐šŸ๐šŽ๐š› ๐šœ๐š˜๐šŒ๐š’๐šŠ๐š• ๐š–๐šŽ๐š๐š’๐šŠ ๐šœ๐š™๐šŽ๐šŠ๐š”๐š’๐š—๐š ๐š๐š˜ ๐š‘๐šŽ๐š› ๐š›๐šŽ๐šœ๐šž๐š•๐š๐šœ. ๐™ธโ€™๐šŸ๐šŽ ๐š™๐šŽ๐š›๐šœ๐š˜๐š—๐šŠ๐š•๐š•๐šข ๐šœ๐šŽ๐šŽ๐š— ๐š‘๐šŽ๐š› ๐šœ๐š’๐š๐š—๐šŠ๐š•๐šœ ๐š๐šŽ๐š•๐š’๐šŸ๐šŽ๐š› ๐š›๐šŽ๐šŠ๐š•, ๐š๐šŠ๐š’๐š•๐šข ๐š™๐š›๐š˜๐š๐š’๐š๐šœ.

0
Reply
User avatar and name identifying the post author
Tryingtodoit23
04/07
@ Sure
0
Reply
User avatar and name identifying the post author
McLovin-06_03_81
04/07
Rebuilding trust, one token at a time
0
Reply
User avatar and name identifying the post author
Outrageous_Kale_3290
04/07
Wow!Those $AAPL whale-sized options block were screaming danger! ๏ฟฝ Closed positions just in time profiting more than $269
0
Reply
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App