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WazirX CEO Nischal Shetty Reveals New Recovery Plan After $230M Hack
After a long silence and missed timelines, WazirX CEO Nischal Shetty has finally broken his silence with a revised recovery plan following the $230 million hack. In a new post on X, Shetty confirmed that a revised restructuring proposal is now under consideration by the Singapore High Court, after the original plan was rejected.
The court’s decision to reopen the case comes with one condition: creditors must vote again. While this development may be seen as a step forward for WazirX, it’s hard to shake off the feeling of déjà vu, given the multiple promises made and missed timelines throughout the recovery process.
Shetty did not specify when the voting date will be announced, but indicated that the team is ready to act quickly once the new vote takes place. If the plan is approved, fund distribution could resume within weeks, offering a glimmer of hope for users who have been waiting nearly a year since the hack.
One significant change in the revised proposal is the shift from Zettai to Zanmai handling fund distribution. Zanmai is an Indian firm already operating INR-crypto trading pairs on WazirX and is registered with Indian regulators, which could potentially ease compliance issues and speed up the process.
Source: coinpedia.org
