Indian cryptocurrency exchange WazirX has announced the completion of its asset rebalancing process, which follows a significant hack that occurred on July 18, 2024. The exchange reported that victims of the hack will receive 85% of their portfolio value as recorded on that date. WazirX is now awaiting majority votes from its users to initiate the token distribution as part of its restructuring efforts in Singapore. Binance's executive commented that while there is no possibility of a takeover of WazirX, discussions are ongoing to find the best solutions for users affected by the hack. The recovery plan includes the first token distribution featuring assets from the rebalanced portfolio, amounting to approximately $230 million lost in the hack.
Wazirx is moving forward with its recovery plan after the $230M hack 🔄💰 CEO Nischal Shetty confirms a rebalanced portfolio and outlines next steps. - Users must approve the recovery plan before the platform restarts - First token distribution will include assets from the…
WazirX hack victims will receive 85% of their portfolio value as recorded on Jul.18 as the exchange completed its asset rebalancing on Tuesday. By @shauryamalwa. https://t.co/ZOJb61SfC9
The Indian crypto exchange WazirX announced the completion of users’ asset rebalancing process as it urged investors to support its restructuring scheme. https://t.co/Xx2UfAKdZA