WazirXIndia
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🗞️UPDATE: Indian exchange #WazirXIndia confirms that $3M #USDT has been successfully frozen as part of its ongoing recovery efforts after the cyberattack.
🚨🚨Indian Crypto Exchange WazirX Charts Recovery Path after $235M Cyberattack
Indian cryptocurrency exchange WazirX, which suffered a $235 million cyberattack in July 2024, has announced a restructuring plan aimed at compensating affected users.
Zettai, the parent company managing WazirX, filed for a moratorium at the Singapore High Court in August 2024, proposing a restructuring plan under a Singapore Scheme of Arrangement.
A Singapore Scheme of Arrangement is a court-approved legal process companies use to restructure their debts and liabilities. It allows the company to propose a binding arrangement with creditors, ensuring resolution while avoiding liquidation.
As of December 2024, WazirX reported liquid assets of $566.38 million USDT exceeding the total claims of $546.47 million USDT filed by users in July 2024.
The company said it would be returning funds through token distributions, which could yield 75% to 80% of the value of users’ account balances at the time of the cyberattack.
CoinSwitch capitalizes on the hack
Indian cryptocurrency exchange and WazirX competitor CoinSwitch has announced a recovery fund aimed at supporting victims of the WazirX cyberattack.
CoinSwitch took to X on Jan. 7 to officially announce the launch of a WazirX hack recovery fund of 600 crore Indian rupees ($69.9 million) called “CoinSwitch Cares,” the company’s recovery fund.
Notably, CoinSwitch is also pursuing legal action against WazirX to recover 2% of its funds stuck with WazirX, cumulatively amounting to 12.4 crore rupees ($1.44 million).
WazirX also plans to launch a DEX to generate additional profits and settle outstanding claims.
$BTC
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#NFPCryptoImpact #WazirXIndia #WazirXHack
Indian cryptocurrency exchange WazirX, which suffered a $235 million cyberattack in July 2024, has announced a restructuring plan aimed at compensating affected users.
Zettai, the parent company managing WazirX, filed for a moratorium at the Singapore High Court in August 2024, proposing a restructuring plan under a Singapore Scheme of Arrangement.
A Singapore Scheme of Arrangement is a court-approved legal process companies use to restructure their debts and liabilities. It allows the company to propose a binding arrangement with creditors, ensuring resolution while avoiding liquidation.
As of December 2024, WazirX reported liquid assets of $566.38 million USDT exceeding the total claims of $546.47 million USDT filed by users in July 2024.
The company said it would be returning funds through token distributions, which could yield 75% to 80% of the value of users’ account balances at the time of the cyberattack.
CoinSwitch capitalizes on the hack
Indian cryptocurrency exchange and WazirX competitor CoinSwitch has announced a recovery fund aimed at supporting victims of the WazirX cyberattack.
CoinSwitch took to X on Jan. 7 to officially announce the launch of a WazirX hack recovery fund of 600 crore Indian rupees ($69.9 million) called “CoinSwitch Cares,” the company’s recovery fund.
Notably, CoinSwitch is also pursuing legal action against WazirX to recover 2% of its funds stuck with WazirX, cumulatively amounting to 12.4 crore rupees ($1.44 million).
WazirX also plans to launch a DEX to generate additional profits and settle outstanding claims.
$BTC
$GMT
$LRC
#NFPCryptoImpact #WazirXIndia #WazirXHack
WAZIRX SHARING BLAMES INSTEAD OF
USER REFUNDS🚨‼️
Nischal the founder of WazirX has said Liminal chose to blame WazirX for the hack without any proof.
So In order to find out whose fault it is, WazirX brought Mandiant, a Google subsidiary, to investigate & analyze all three laptops that were involved during the signing process.
Apparently, there has been NO compromise on WazirX side.
Still, this does not explain what will happen to funds of Users.
#WazirXIndia brought forward a refund withdrawal system yet, nothing has been done.
People are tired of stories, They need their money back!
#wazirxindia #WazirXHack
USER REFUNDS🚨‼️
Nischal the founder of WazirX has said Liminal chose to blame WazirX for the hack without any proof.
So In order to find out whose fault it is, WazirX brought Mandiant, a Google subsidiary, to investigate & analyze all three laptops that were involved during the signing process.
Apparently, there has been NO compromise on WazirX side.
Still, this does not explain what will happen to funds of Users.
#WazirXIndia brought forward a refund withdrawal system yet, nothing has been done.
People are tired of stories, They need their money back!
#wazirxindia #WazirXHack