TechFlow news — On February 5, according to CryptoSlate, creditors of Indian cryptocurrency exchange WazirX will vote on a restructuring plan in the coming weeks. If approved by three-quarters of creditors, users could begin receiving compensation as early as April 2025. If the vote fails, the platform will enter liquidation, potentially extending payouts until 2030. Under the proposed plan, WazirX aims to compensate users in stages through the launch of a decentralized exchange (DEX), issuance of recovery tokens, and regular buybacks, with potential reimbursement of up to 80% of funds.
WazirX suffered a hack in July 2024, resulting in the loss of over $230 million in user funds, an incident reportedly linked to North Korea's Lazarus hacking group. The High Court of Singapore has previously approved WazirX’s restructuring process.
