85% of Stolen Crypto Funds to be Returned! 🚀

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In a plot twist that would make even the most jaded of investors say, “Huh, that’s something,” crypto exchange WazirX has decided to sprinkle a little fairy dust on its customers’ empty wallets. Affected users will reportedly get back a whopping 85.25% of their lost funds, which is like finding a five-dollar bill in your old jeans—thrilling, but not quite enough to retire on. The first round of this “We’re sorry we lost your money” distribution is scheduled for April 2025, so mark your calendars and prepare for the flood of riches. 🤑

📢 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… to not losing your money again. We hope. — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) February 10, 2025

Now, users can track the value of their lost assets in dollars and rupees, which is like watching a car crash in slow motion—gruesome, but you can’t look away. The exchange has kindly credited additional funds from tokens that weren’t stolen, which is like finding a piece of chocolate in your otherwise healthy granola bar—unexpected and delightful. The goal? To rebuild trust, one shiny coin at a time. 🪙

In a move that’s as exciting as waiting for water to boil, WazirX has set a February 19 deadline for creditors to approve the asset rebalancing scheme. At least 75% of creditors must vote in favor, because democracy is fun, right? If the vote fails, we’re all in for a thrilling game of liquidation under section 301 of the Singapore Companies Act. Spoiler alert: no one wins. 💔

WazirX July 2024 Hack: Reserves Drop 45%

The July 2024 attack was a real party pooper, leaving the exchange with a liquidity problem that would make a desert jealous. Over 45% of its total reserves were stolen, which is like someone taking the ice cream out of your sundae and leaving you with just the nuts. Rumor has it the Lazarus Group, a North Korean hacking unit with a flair for the dramatic, was behind it. Because who doesn’t love a good mystery? 🔍

WazirX has added three new tracking features to its website and app, which is like giving a blindfolded person a magnifying glass—useful, but not quite the solution they were hoping for. Users can now see their rebalanced portfolio, past balance as of July 18, 2024, and their creditor status. WazirX co-founder Nischal Shetty shared a screenshot of these updates on X (formerly Twitter) to keep the community informed. Or distracted. Tomato, tomato. 📸

WazirX Plans to Restore with DEX & RTs

WazirX, in a move that’s as bold as wearing socks with sandals, is planning to introduce a decentralized exchange (DEX) and recovery tokens (RTs). RTs will be tradable assets, and WazirX promises to repurchase them periodically using platform profits and new revenue streams over three years. Because who doesn’t love a good IOU? 🪙

But wait, there’s more! If creditors reject the compensation plan, we’re all in for a wild ride on the liquidation rollercoaster. Picture a fire sale of assets that would make a Black Friday shopper blush. The recovery process could stretch until the end of 2030, which is like waiting for a pot to boil on a campfire. In the snow. 🥶

So, WazirX is holding its breath and crossing its fingers that creditors

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2025-02-11 14:59