The cryptocurrency exchange WazirX has completed a key step in its recovery following a security breach that resulted in losses exceeding $230 million.
Rebalancing Process and Compensation Plan
WazirX has completed the asset rebalancing process as part of its recovery efforts following last year's hack. The compensation plan offers asset distribution in the form of tokens, covering 85% of user balances from the incident date. The process will begin within 10 business days of approval. WazirX founder Nischal Shetty highlighted the importance of this completion in protecting creditor interests and restoring trust.
Support and Fund Recovery
WazirX, in collaboration with zeroShadow, is working to trace and recover stolen funds, with nearly 3 million USDT frozen so far. The rebalancing process was finalized in January 2025, aligning token denominations with platform liabilities. Financial experts and brokers assisted in securely executing the trades.
Collaboration and Investigation Results
In November, Delhi police arrested a suspect linked to the $235 million theft. WazirX provided necessary cooperation in the investigation. The culprit used the sanctioned mixer Tornado Cash to transfer stolen funds. Arkham confirmed the transfer of over 61,500 ether. Nischal Shetty repeatedly shifted blame for the hack to external parties, including Binance.
WazirX is making significant efforts to recover from the major breach, showcasing a commitment to fairness and transparency in the crypto industry.
