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WazirX, a cryptocurrency exchange, finalized its asset rebalancing process, announcing that victims of a hack that occurred in July 2024 will be eligible to receive 85% of their portfolio value as of July 18, if a majority of creditors approve the proposed scheme. The first round of distributions is expected to commence in April.
The exchange has now opened the option for creditors to accept the rebalancing terms until February 19. A 75% majority vote is necessary for the plan to be adopted.
If the scheme garners sufficient support, WazirX will proceed with measures including the launch of a decentralized exchange (DEX), the issuance of recovery tokens that can be traded, and the implementation of a strategy to periodically buy back these tokens using profits and new revenue streams over the next three years.
In the event the plan is rejected, WazirX would face liquidation under section 301 of the Singapore Companies Act. This could result in a rapid sell-off of assets, potentially leading to creditors receiving less than the proposed compensation due to lower asset values.
The hack in question targeted one of WazirX’s multisig wallets last July, resulting in a loss of over $100 million in Shiba Inu (SHIB) tokens, $52 million in Ether (ETH), and other assets.
The stolen funds represented more than 45% of the total reserves reported by the exchange in June 2024. The North Korean hacking group Lazarus is suspected to be responsible for the security breach.
As a result of the completed rebalancing, users are now able to view both the U.S. dollar and Indian rupee values of the assets lost in the hack. The rebalancing process also included the distribution of the upside from unstolen tokens among all users, allowing for a greater amount to be returned.
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