• WazirX outlines its recovery plan, crypto withdrawals are expected to resume by mid-April 2025.

  • The scheme is awaiting court approval, with a creditors’ meeting set for January 22, 2025.

After months of speculation and controversy, WazirX, one of India’s leading cryptocurrency exchanges, has finally broken its silence on the massive hack that led to a loss of over $230 million (₹2,000 crores) in crypto assets. In its fifth town hall meeting on December 19, 2024, the exchange outlined a detailed recovery plan and timeline to address the situation and expected to “resume withdrawals by mid-April 2025.”

The recovery process involves collaboration with Zettai, the entity handling creditor claims. Zettai has proposed a court-approved scheme of arrangement, with key milestones laid out to ensure transparency and creditor participation.

WazirX’s Recovery Process and Proposed Scheme Timeline 

The process begins with a creditors’ meeting, pending court approval, scheduled for January 22, 2025. Following that, a preliminary list of creditors will be published on February 7, allowing them to review balances and submit claims or disputes. Then the updated list will be finalized by March 4, with voting on the proposed scheme taking place from March 4 to 13. If approved, WazirX will petition the court for final sanction by April 7 and open the path for asset distributions.

(WazirX Proposed Scheme Timeline Source: WazirX )

Currently, WazirX is working on rebalancing assets across 340 tokens and recovering stolen funds to distribute to creditors. WazirX will distribute the first payout based on the July 18, 2024 balances—expected to occur within 10 days of the scheme’s approval. Subsequent distributions will follow, offering creditors the option to exchange recovery tokens (RTs) for their share of recovered assets.

Despite these efforts, creditors have voiced frustration over the prolonged timeline. Adding to the challenges, Binance announced the delisting of WazirX’s native token, WRX, effective December 25, citing operational shortcomings. This development further impacts the exchange, which has faced market confidence issues.

However, WazirX is also planning a fresh start, with plans to launch a decentralized exchange (DEX) following the completion of the recovery process. While the road ahead remains tough, the platform aims to rebuild trust and stability in the coming months.

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