2025-02-11 09:59:15 by coincu

Key Points: Victims of the WazirX WazirX stolen funds get 85% of their portfolio value (recorded on July 18, 2024) after asset rebalancing—first payouts start in April. The rebalancing redistributes extra value from unstolen tokens, boosting returns from the $230M hack of stolen funds. Creditors must accept the plan by February 19 with a 75% majority vote, or risk liquidation under Singapore law. Victims of the recent WazirX hack will receive 85% of the value of their portfolios recorded on July 18, 2024, after the exchange finalizes its asset rebalancing on Tuesday. Victims of the WazirX Stolen Funds Get 85% Payout The first round of compensation is slated to begin in April, providing relief to those affected by the breach that resulted in a massive loss. Investors have scrutinised every update regarding the incident, including reports on WazirX stolen funds that have rocked the crypto community. 📢 Rebalancing Complete!The rebalancing of platform assets is now done!✅ Initial Fund distribution will return ~85.25% of USD value to creditors, based on rebalancing prices.✅ Creditors can check their allocated share on the WazirX app & website.Zettai remains committed… pic.twitter.com/9OwXzs7vEm— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) February 10, 2025 As of Tuesday, users can view the USD and INR values of assets lost during the $230 million hack in July 2024. The rebalancing process redistributes added value from unstolen individual tokens, enabling the return of higher asset values to users. This strategic move addresses concerns over WazirX stolen funds and aims to restore confidence in the exchange’s recovery efforts. Under the current plan, creditors have until February 19 to accept the proposal, which requires a 75% majority vote for approval. A key component of the plan is launching a decentralized exchange (DEX) designed to issue tradable recovery tokens. These tokens will be repurchased regularly over the next three years using platform profits and new revenue streams, ensuring a gradual recovery for those impacted by the breach. Furthermore, the proactive measures taken by the exchange aim to mitigate the long-term impact of the WazirX stolen funds on market confidence. Read more: Crypto Exchange WazirX Freezes $3 Million in Stolen Assets Amid Recovery Efforts Critical Vote Deadline Impacts Liquidation Risks for Creditors Last July, a security breach targeting a multi-signature wallet led to the theft of over $100 million in SHIB and an additional $52 million in assets such as Ethereum. These WazirX stolen funds accounted for more than 45% of the total reserves reported in the exchange’s June 2024 statement, prompting an urgent restructuring to address its liabilities. Early investigations have linked the attack to the notorious North Korean hacker group Lazarus, adding another layer of complexity to the case. The comprehensive compensation plan is designed to return lost value and stabilize the platform for the future. Should creditors fail to approve the plan, the process will enter a liquidation stage under Section 301 of the Singapore Companies Act. This outcome could lead to a fire sale of assets at diminished values, further jeopardizing recovery efforts for WazirX stolen funds. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.