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WazirX Updates Recovery Plan: 75-80% Funds to Be Recovered, Payouts by 2025
In a significant move, cryptocurrency exchange WazirX has updated its recovery plan, revealing that it aims to recover 75-80% of the stolen funds. The development comes as a relief to affected users, who have been waiting for an update on the hack that occurred in July 2024.
According to the updated plan, payouts are expected to commence by April 2025, pending court approval. However, it is crucial to note that the recovery plan does not guarantee full restitution for all users. WazirX has proposed two options to creditors: if the majority approves the plan, payments will begin in 2025; otherwise, the recovery process may extend over up to five years.
The exchange’s move is seen as a groundbreaking effort within the crypto market, with WazirX 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.
In an effort to provide transparency throughout the recovery process, WazirX has released a preliminary list of creditors and a snapshot of account balances as of July 18, 2024. This release enables users to verify their claims through a unique identifier (UUID), ensuring privacy and security.
The “Find My Balance” tool is now available for users to track their balances and confirm details of their claims. The tool organizes the creditor list by providing information on token balances and deposits made after the hack.
WazirX’s court-approved plan represents one of the first structured attempts to manage and recover stolen crypto assets in a large-scale incident.
Source: http://www.crypto-news.net
