The WazirX hack, which resulted in the theft of $235 million in cryptocurrency, has triggered widespread concern over the security of digital asset platforms.
With Bitcoin reaching new highs during a bull run, affected users have been demanding swift action as they cannot access their funds or capitalize on the market surge. However, Recent on-chain developments suggest relief may be on the horizon.
Binance’s involvement raises questions
A $200 million fund transfer between wallets linked to Binance and WazirX has sparked discussions across the crypto community. In a widely shared post, an on-chain analyst flagged the movement of funds to a wallet identified as 0x305, reportedly controlled by WazirX. The funds were sent from 0xb03, which appears to have been funded by Binance wallets.
Update on Asset RebalancingWe are currently in the process of rebalancing tokens. As part of this, you may notice fund movements between various cold wallets. The temporary consolidation of assets is a necessary step before final allocations to secure cold wallets.Once the… pic.twitter.com/JdJPCeI3Rs
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 13, 2024
This activity has led to speculation about a potential reimbursement initiative by Binance. Some have suggested that the exchange might support WazirX through a deal involving equity or token-based compensation. However, WazirX has dismissed such theories, attributing the transactions to routine asset rebalancing efforts. The exchange clarified that these transfers are part of ongoing wallet management procedures to secure funds in cold wallets. WazirX has also pledged to share details of all wallets and token holdings once the process is complete.
Parent company seeks court approval for creditor meeting
Zettai Pte Ltd, the parent company of WazirX’s operating firm Zanmai Labs, has applied with the Singapore High Court in a separate development. The application seeks approval to convene a meeting of creditors to discuss and vote on a proposed scheme of arrangement. This move is seen as a critical step in addressing the fallout from the hack.
The proposed scheme aims to provide creditors with a fair resolution and enable them to regain access to their funds. Zettai has emphasized that this plan is essential to restarting WazirX’s operations and restoring user confidence.
Users face challenges amid Bitcoin surge
The hack has left WazirX users sidelined during a historic bull run in the crypto market. When the exchange was compromised, Bitcoin traded in the $63,000-$64,000 range. Since then, the cryptocurrency has surged over 66%, reaching an average price of $100,262 at the time of writing. Many affected users have expressed frustration over missing out on potential profits due to the platform’s suspension of withdrawals. As the investigation continues and discussions around a possible resolution gains momentum, affected users and industry observers closely monitor the developments surrounding WazirX.
The post WazirX Hack Victims May Soon Receive Relief, On-Chain Activity Raises Optimism first appeared on Coinfea.
