The situation surrounding the WazirX cryptocurrency exchange, which suffered a Rs 2000 crore hack, is finally moving towards resolution. Users of the exchange have overwhelmingly voted in favor of the proposed restructuring plan.
Current Situation of WazirX Post-Hack
After the hack on WazirX on July 18, 2024, trading was suspended and the remaining 55% of user funds were frozen, amounting to around Rs 2500 crore.
User Support for Restructuring Plan
WazirX management announced a week-long voting process for users regarding the restructuring plan, with 93.4% majority support.
Future of WazirX and Fund Returns
According to management, upon court approval in Singapore, users will be eligible to restore up to 85% of their funds. The start of fund distribution is expected by the end of May.
User expectations for WazirX are high, and patience is required as the actual fund return process may only commence after May 13.
