Indian cryptocurrency exchange WazirX has initiated a restructuring plan after experiencing a $235 million cyberattack in July 2024. The restructuring, supervised by Singapore's legal system, follows Zettai, WazirX's parent company, filing for a moratorium in August 2024 under a Singapore Scheme of Arrangement. This legal process allows for better debt management and creditor negotiations without facing liquidation. As of December 2024, WazirX reported liquid assets totaling $566.38 million, surpassing user claims of $546.47 million from the cyberattack. To compensate users, WazirX will distribute recovery tokens that may enable them to reclaim 75% to 80% of their account balances. Initial token distributions are expected 10 business days after creditor approval of the scheme. Additionally, WazirX's competitor, CoinSwitch, has launched a recovery fund to support victims of the hack, while pursuing legal action to recover its own funds trapped in WazirX.

Source 🔗