WazirX, the cryptocurrency exchange, has released new information on its fund recovery efforts following a major hack in July 2024.
A Step Towards Transparency
As part of its restructuring efforts, WazirX has released a preliminary creditor list along with a balance snapshot as of July 18, 2024. Each creditor has a unique identifier (UUID) to verify their claims and current balances, ensuring the security of financial data. The platform also offers a 'Find My Balance' feature to facilitate users. The creditor list is organized by claim amounts, from highest to lowest.
Recovery Timeline and Options
WazirX has proposed a restructuring plan approved by the Singapore High Court. The plan aims to recover 75% to 80% of the lost funds. Creditors have two choices: if the plan is approved, they may start receiving funds by April 2025. If rejected, the recovery process could extend over five years.
Importance of Current Actions
WazirX's effort to recover funds after the attack is one of the first instances of a cryptocurrency exchange taking structured steps to return hacked funds, setting a new precedent in the crypto world.
These actions highlight WazirX's commitment to regain user trust and establish new standards for asset protection and transparency in the crypto industry.
