WazirX $230 Million Hack: Creditors Given Two Options to Recover Crypto
By KingCrypto | Updated: February 2025
The $230 Million Crypto Hack on WazirX
The WazirX Crypto Hack: A $230 Million Loss
WazirX, one of the key players in cryptocurrency exchange, was a victim of a cyber attack in July 2024 losing close to $230 million dollars in digital assets. The hack was allegedly carried out by Lazarus group, which is notorious in the cybercrime domain and is said to have origins in North Korea.
What is WazirX’s restructuring plan?
In a bid to recover as much as possible for the users that were impacted, WazirX has devised the proposal of recovering debt, token distribution, Recovery Tokens (RTs), and reactivating the platform which would help users get maximum returns. If accepted by the creditors and sanctioned by Singapore Courts, it will facilitate the recovery of assets by April of 2025.
Repercussions on Crypto Users
The ramifications of crypto businesses engaging in bankruptcy…
Creditors have 2 options:
Creditors approving the plan: In the case where creditors approve the proposal, WazriX will remain operational, introducing a decentralized exchange (DEX), while assets are recovered via profit sharing, liquidating wallets, and strategic alliances.
Creditors rejecting the plan: Any rejection will lead to delays until 2030. To add on, digging liquidation through ownership settlement disputes can yield very minimal fiat based dispensation.
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