Recently it made progress by freezing $3 million in stolen USDT, but its recovery efforts hit a roadblock due to controversy surrounding Jason Kardachi. He has been a key figure in WazirX’s restructuring plan but is now facing a legal ban in Singapore, raising concerns about his role. Why is
Indian crypto exchange WazirX’s CEO Nischal Shetty has requested users to approve a restructuring scheme post the hack. At least half of the creditors must vote in favor of the Scheme for it to be approved. And each class’s value-weighted creditors must be present and vote for it to pass.
The recent Bybit hack shook the crypto industry, wiping around $1.5 billion worth of ETH from the exchange. Despite the huge loss, the exchange maintained its composure and addressed the issue at the earliest possible. It even restored the liquidity, allowing users to withdraw within a couple of days. Meanwhile,
WazirX Announces Recovery Plan, a WazirX scam? WazirX has announced a recovery plan for users affected by the $230 million hack that hit the exchange in July 2024. Under this plan, victims will receive 85.25% of their portfolio value as recorded on July 18, with the first round of distributions
WazirX made another update as part of its fund recovery process. This time, the exchange is offering complete transparency to its creditors by providing a preliminary creditor list. The latest update also includes a snapshot of balances as of 18th July, 2024. This will allow all creditors to know their
The crypto market has once again been swooned by WazirX’s latest update. The July 2024 hacked exchange is yet to set its fund recovery scheme into motion. Since the hack last year, the exchange has announced several steps and updates, but the lack of fund recovery has caused investors to
WazirX Restructuring plan WazirX users now face a tough decision. The exchange has offered two paths for fund recovery after a massive hack. In July 2024, North Korean hackers stole $235 million from WazirX. The hack wiped out over 40% of the exchange’s assets. Users have been waiting for a
The recent decision by the Singapore High Court approving WazirX’s restructuring plan has sparked debate among the crypto community. After the devastating $234 million hack in July 2024 by North Korea’s Lazarus Group, the exchange now promises to return 75% to 80% of lost funds. While this appears to be
India Should Act on Crypto Regulations Donald Trump is expected to announce new crypto rules soon. Sumit Gupta, CEO of CoinDCX, believes India must act quickly too. He warns that delays could cause India to lose innovation, talent, and value from crypto transactions. Gupta said high taxes and unclear policies
On July 17th, the Indian cryptocurrency exchange WazirX announced that it has frozen $3 million worth of stolen USDT following last year’s massive cyberattack. This marks the first successful recovery of assets since the July 2024 breach, where over $234 million (nearly ₹2000 crore) was siphoned from its Ethereum hot
