February 10, 2025 – In a significant milestone toward recovery, WazirX has successfully completed its asset rebalancing process, marking a crucial step in addressing the platform’s financial restructuring following the 2024 cyberattack. The rebalancing ensures that creditors will receive approximately 85.25% of their balances, valued as of July 18, 2024, 1 PM IST.
What This Means for Users
With the rebalancing process finalized, WazirX users can now check their allocated fund distributions via the WazirX app and website. However, the actual distribution of funds is contingent on the approval of the Scheme of Arrangement, which requires a majority YES vote from creditors.
The exchange has emphasized its commitment to maximizing recoveries through multiple strategies, including:
- Platform reactivation to restore normal operations
- Recovery Tokens to compensate creditors over time
- Asset recovery, including efforts to reclaim stolen funds
- New business initiatives, such as a Decentralized Exchange (DEX)
A Fast-Tracked Recovery Process
If the Scheme is approved, WazirX aims to initiate the fund distribution within 10 business days, making it one of the fastest recovery efforts in crypto history following a withdrawal freeze. The company is also planning subsequent distributions over the next three years, funded through recovered assets and future business profits.
Efforts to Recover Stolen Assets
WazirX has already made progress in retrieving stolen funds, successfully freezing $3 million USDT. The exchange is working alongside blockchain forensics firm zeroShadow and law enforcement agencies to trace and recover additional stolen assets.
Nischal Shetty also took to social media to reaffirm the exchange’s commitment to user recovery as he tweeted, “We Will Do Everything to Create Value for Our Tribe.”
What’s Next?
WazirX urges all creditors to vote YES for the Scheme to ensure smooth fund distribution. The success of the recovery efforts depends on user participation in approving the Scheme.
