TechFlow News, September 2 — According to Coindesk, the legal counsel for Indian cryptocurrency exchange WazirX stated that the likelihood of customers receiving full reimbursement of their crypto assets through the restructuring process is extremely low. During a press call held the same day, WazirX co-founder Nischal Shetty revealed that under current circumstances, at least 43% of customer funds may be unrecoverable. George Gwee, Director at restructuring firm Kroll, indicated that in the best-case scenario, customers might recover between 55% and 57% of their funds.
In July, WazirX suffered a hack resulting in a loss of $234 million, approximately 45% of customer funds. The exchange previously announced that customers would only have access to the remaining 55% of their funds. Legal counsel emphasized that the possibility of recovering funds denominated in USD depends on market improvements. The WazirX team said they will make various efforts to narrow the funding gap, but fully compensating for the losses will be highly challenging.
