WazirX to Refund 85% to Hack Victims, Sets February 19 Deadline for Rebalancing Approval

WazirX, the cryptocurrency exchange, announced on Tuesday that victims of the July 2024 hack will receive 85% of their portfolio value, as recorded on July 18. The exchange completed its asset rebalancing, with the first round of distributions scheduled for April. Users can now view the U.S. dollar and Indian rupee values of assets lost in the $230 million hack. Creditors have until February 19 to accept the rebalancing under the current scheme, which requires a 75% majority vote for approval. The refund plan includes launching a decentralized exchange (DEX), issuing tradable recovery tokens, and a three-year buyback program using platform profits. Failure to approve the scheme will lead to liquidation under Singapore law, potentially reducing compensation for creditors. The exchange was breached last July, resulting in over $100 million in Shiba Inu (SHIB) and $52 million in Ether being stolen.