Over 90% of WazirX's voting creditors have approved the Indian crypto exchange's post-hack restructuring plan. The vote saw 93.1% of creditors, holding 94.6% of the value, backing the proposal.
WazirX CEO Nischal Shetty emphasized asset recovery as a top priority. The plan includes profit-sharing measures to compensate users. It involves holding $566.4 million USDT in liquid assets against $546.5 million USDT in claims.
The exchange will issue recovery tokens to settle outstanding claims. These tokens allow creditors to benefit from future platform operations and asset recovery. WazirX aims to return 75-80% of users' account balances through token distributions. To prevent future hacks, WazirX has partnered with BitGo and Zodia for crypto custody. The company also plans to launch a user-friendly decentralized exchange (DEX).
The July 2024 hack, attributed to North Korean actors, resulted in a $234.9 million loss. This incident highlights the ongoing challenge of cryptocurrency security, with over $2 billion lost to hacks in Q1 2025 alone.
