{"id":126623,"date":"2025-04-07T14:17:07","date_gmt":"2025-04-07T14:17:07","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126623"},"modified":"2025-04-07T14:17:07","modified_gmt":"2025-04-07T14:17:07","slug":"over-90-of-wazirx-creditors-support-post-hack-restructuring-plan","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126623","title":{"rendered":"Over 90% of WazirX creditors support post-hack restructuring plan"},"content":{"rendered":"

Source: Cointelegraph.com NewsMore than 90% of the voting creditors of the Indian crypto exchange WazirX voted in favor of the platform\u2019s post-hack restructuring plan.
\nAccording to an April 7 announcement, 93.1% of voting creditors who hold 94.6% of the value voted in favor of the plan. All creditors who held crypto balances on the platform were eligible to vote on the Kroll Issuer Services platform from March 19 until March 28.
\nWazirX co-founder and CEO Nischal Shetty told Cointelegraph that with the plan approved, stolen asset recovery is \u201ca primary focus.\u201d Still, he pointed to profit sharing as a further measure that the firm hopes to use to compensate its users.
\nThe news follows early February reports that WazirX had warned that repayments from the $235 million hack against it could be delayed until 2030 if creditors didn\u2019t approve its proposed restructuring plan. At the time, the platform said that creditors might need to endure \u201cunclear and potentially extended timelines\u201d if the plan wasn\u2019t approved.
\nWazirX said creditors could face repayment delays if they voted against the restructuring plan. Source: WazirXShetty celebrated the vote results in a subsequent X post. He wrote:
\n\u201cThe people have spoken. We will work hard on rebuilding and creating value for everyone.\u201d
\nRelated: CoinSwitch launches $70M recovery fund for WazirX hack victims
\nThe plan for repaying creditors
\nShetty described the result as \u201can important milestone in the recovery process\u201d that \u201creflects a shared belief in the proposed restructuring plan.\u201d The plan in question was developed under the supervision of Singapore\u2019s legal system and announced in January, it entails WazirX holding liquid assets amounting to $566.4 million USDt \u2014 while the claims amount to $546.5 million USDT.
\nThe exchange also released recovery tokens to settle outstanding claims, which allows creditors to benefit from future platform operations and asset recovery. WazirX promised to return funds through token distributions that could yield 75% to 80% of the value of users\u2019 account balances at the time of the cyberattack.
\nThe rest would be represented by recovery tokens, which will be periodically repurchased using profits generated from platform operations and a proposed decentralized exchange (DEX). Plans to launch the DEX were unveiled in November 2024, when Shetty said that it will help prevent hack losses from happening again:
\n“The best thing is that you’ll be able to self-custody your assets here \u2014 your assets will be completely under your control \u2014 and you can freely trade or do what you want with your assets.\u201d
\nShetty also told Cointelegraph that the DEX will aim to be much simpler to interact with than the usual experience of decentralized trading platforms. He said, \u201cOur goal is to make it on par with our CEX in terms of ease of operating.\u201d
\nRelated: Binance, WazirX among crypto firms evading taxes in India, says gov\u2019t
\nA North Korea-linked hack
\nWazirX lost $234.9 million of digital assets in a Safe Multisig wallet in mid-July 2024. The\u00a0attack was attributed to North Korean state actors and unfolded with alarming speed and precision, with many speculating on its impact on the broader crypto industry in India.
\nShetty told Cointelegraph that \u2014 to prevent future hacks \u2014 WazirX has moved to BitGo and Zodia for crypto custody, promising \u201cenhanced protection of funds.\u201d The partnerships also reportedly include insurance.
\nHacks continue to be a significant issue for the cryptocurrency industry. According to recent reports, over $2 billion was lost to cryptocurrency hacks in the first quarter of 2025 alone, with nearly $1.63 billion being lost to just access control exploits.
\nThis is also the third quarter in a row that \u2014 much like in WazirX\u2019s case \u2014 the top exploit was a multisignature-related event. Hacken shared a key lesson on the subject:
\n\u201cSecuring digital assets requires more than just secure on-chain code \u2014 the entire infrastructure, from front-end interfaces to internal processes, must be equally hardened, as all it takes is a single weak spot to wreck the entire system.\u201c
\nMagazine: China\u2019s \u2018point running\u2019 crypto scams, pig butchers kidnap kids: Asia ExpressRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsMore than 90% of the voting creditors of the Indian crypto exchange WazirX voted in favor of the platform\u2019s post-hack restructuring plan. According to an April 7 announcement,… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126623"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126623"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126623\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126623"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}