Over 90% of WazirX creditors approve post-hack restructuring plan

From Cointelegraph

April 7, 2025 9:56 AM:

More than 90% of WazirX’s voting creditors approved the platform’s post-hack restructuring plan, with 93.1% in favor, holding 94.6% of the value. Stolen asset recovery is a priority, with profit sharing for compensation discussed. Repayments from a $235 million hack could have been delayed until 2030 without plan approval.

The restructuring plan involves WazirX holding $566.4 million USDt in liquid assets, exceeding claims of $546.5 million USDT. Recovery tokens will be distributed to settle claims, with plans for a decentralized exchange (DEX) to prevent future hacks. Token distributions could yield 75-80% of user account balances post-cyberattack.

WazirX lost $234.9 million in a North Korea-linked hack, prompting a move to BitGo and Zodia for enhanced custody protection. The broader crypto industry in India faces implications from this attack. Recent reports indicate over $2 billion lost to cryptocurrency hacks in Q1 2025, with access control exploits leading to $1.63 billion in losses.

Read more at Cointelegraph: Over 90% of WazirX creditors support post-hack restructuring plan