- WazirX to return tokens deposited post-attack in full, starting distribution after court-approved restructuring date.
- Zettai commits to maximizing creditor recoveries through future profits and asset recoveries under a legally binding scheme.
- CoinSwitch’s $69.9M fund aims to help WazirX hack victims, requiring proof of losses for claims.
WazirX, an Indian cryptocurrency exchange, recently detailed its plans to recover funds following the $235M cyberattack in July 2024. The exchange addressed issues, particularly concerning user funds deposited after the incident and the timeline for creditor approvals.
Token Returns and Distribution Timeline
In a recent update, WazirX clarified the handling of tokens deposited after the cyberattack. These tokens, distinct from those involved in the attack, are excluded from the restructuring scheme.
Notably, these will be returned in full, matching the original token denominations. WazirX assured users that the distribution of these tokens will commence shortly after the scheme’s effective date, aligning with the initial distribution schedule.
Further emphasizing the urgency, the exchange mentioned that the effective scheme date is dependent on court approvals and creditor meetings. The first court hearing is scheduled for January 22, 2025.
Once the court grants permission to convene creditor meetings, the scheme will proceed, allowing creditors to vote. Following these steps, the initial distribution of net liquid platform assets is expected within 10 business days of the effective date.
Zettai’s Commitment to Creditor Recovery
According to the restructuring scheme, the sharing of future net profits will guide the buyback of recovery tokens. This process, once approved by creditors and sanctioned by the court, becomes legally binding.
The recovery strategy includes profits derived from net shared profits and recoveries from illiquid wallet assets and stolen assets. Despite market conditions influence on the exact amounts, Zettai is committed to optimizing creditor recoveries. The company plans to leverage these recoveries within the proposed timeline, aiming for efficient and comprehensive asset restoration.
CoinSwitch Fund Recovery for WazirX Victims
CoinSwitch, another Indian crypto exchange, announced a recovery fund for WazirX hack victims. The fund, amounting to 600 crore Indian rupees (approximately $69.9 million), is part of the “CoinSwitch Cares” initiative.
This program aims to assist users who suffered losses from the $235 million cyberattack on WazirX in July 2024. CoinSwitch outlined that affected users can claim funds by providing proof of their losses.
Eligibility requires submitting WazirX loss statements, and the program ensures funds distribution over the next two years. Overall, WazirX’s structured approach to fund recovery and CoinSwitch’s proactive support show the effort to stabilize and compensate the victims of the cyberattack.
