The hacked cryptocurrency exchange WazirX has successfully concluded its asset rebalancing process and is now awaiting majority user votes to initiate token distribution. This move will make tokens covering approximately 85% of creditor balances available once the restructuring scheme is approved.
Fast-Track Recovery Timeline
WazirX announced that the distribution process will commence within 10 business days of the scheme becoming effective. The platform claims this will mark the fastest recovery in the history of the crypto industry.
Creditors' balances will be valued as of July 18, 2024, at 1 PM IST—the date of the $230 million crypto asset theft. The cyberattack has been linked to the North Korean state-sponsored hacking group Lazarus Group.
Multi-Year Distribution Plan
The exchange expects subsequent distributions to occur over the next three years as additional assets are recovered. These include:
- Illiquid Asset recoveries
- Stolen tokens
- Shared profits from future operations
Nischal Shetty, Founder of WazirX, stated:
"We are grateful to have reached this critical milestone. Completing the rebalancing process and preparing for distribution demonstrates Zettai’s deep commitment to protecting creditor interests and restoring the trust placed in the Platform. By targeting one of the fastest distribution timelines in the crypto industry, we hope to set a precedent for accountability, efficiency, and resilience in times of crisis."
Recovery Efforts and Partnerships
WazirX has already frozen $3 million worth of USDT in stolen assets. The exchange is collaborating with:
- Law enforcement agencies
- Blockchain forensics firm zeroShadow
Jason Kardachi, Managing Director at Kroll, remarked:
"The successful completion of the Rebalancing process underscores the importance of careful planning, collaboration, and a dedication to fairness. Aligning value of assets with liabilities in a volatile crypto market over nearly 350 tokens, many with challenging liquidity profiles, is no small feat."
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Frequently Asked Questions (FAQ)
1. When will WazirX start token distribution?
Distribution will begin within 10 business days after the restructuring scheme receives majority approval.
2. How much of the stolen funds have been recovered so far?
WazirX has frozen approximately $3 million in USDT and continues recovery efforts.
3. What happens if the scheme doesn’t get majority votes?
The exchange will reassess its strategy, but current indications suggest strong creditor support.
4. Will creditors receive their full balances?
Initially, 85% of balances will be covered, with further distributions planned over three years.
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