WazirX’s $235M Hack: Laugh or Cry While Waiting for Your Money Until 2030!

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So, here we are, folks! Victims of the July 2024 cyberattack on our beloved WazirX are sitting on pins and needles, waiting to get back their cash after a whopping $235 million violation! Who knew losing money could be this annoying?

On Tuesday, WazirX put on its best performance and shared a colorful roadmap over on X (you know, formerly Twitter – not to be confused with all those other social media platforms that are just as chaotic!). And just like that, the timeline now depends on the approval of creditors. Surprise, surprise! 🎉

If those creditors give a thumbs up (and not the kind you might get at a bad restaurant), we could start seeing repayments—wait for it—maybe as soon as April this year! But if they’re feeling cranky and reject the plan? Well, kids, grab your calendars – we’re looking at waiting until 2030. Yes, you heard that right! Perfect timing with your mid-life crisis! 😩

Restructuring Proposal Details and Repayment Circus

Now, here’s the kicker: the fancy restructuring plan that’s about to hit the bloc requires over 75% approval from creditors (by value). It’s like trying to get enough friends to go to a movie—all you need is one grumpy cat to ruin the whole thing!

If the stars align and the creditors break out the party hats, we could see the plan starting up in April 2025, kicking off a series of recovery measures, which, fingers crossed, will restore some tiny glimmer of trust and stability (and maybe a pet rock for your troubles)!

Should the proposal go through, WazirX will get back in the game and start repayments within 10 business days. Let’s hope they’ve got their act together! 😅

Key elements of the recovery strategy include:

  • Distribution of Net Liquid Assets: Quick! Get your nets out; we’re fishing for funds to pay the creditors!
  • Decentralized Exchange Launch: Because who doesn’t want a DEX? It sounds cool and makes trading like an episode of a futuristic sitcom! 🤖
  • Issuance of Recovery Tokens: Tokens! Everybody’s getting tokens! You can use them to barter for a coffee… or not.
  • Periodic Token Buybacks: They’ll be buying those tokens back regularly, turning those sad tokens into… wait for it… potentially valuable tokens! 💰

These steps are not just for show (though they are amusing)—they’re meant to rebuild WazirX’s reputation while promising creditors they’ll get something, maybe even a coupon for a free coffee if they play their cards right!

Inside the Hack: Breach, Shutdown, and Legal Shenanigans

Now, let’s talk about how dear WazirX became the newest star of the “Big Hack” show in July 2024, losing a mind-boggling $235 million in a blink. That’s like losing your wallet in a black hole! 🚀

The breach began because, surprise, surprise, hackers found a way in through the “whoopsie-daisy” internal vulnerabilities. How original! 🙄

As soon as this huge embarrassment went down, WazirX tapped out, suspending all Bitcoin
BTC
at a mere
$98,797
and Ethereum
ETH
sitting pretty at
$2,744
withdrawals. Just like that, they threw their hands up to prevent further losses while they scrambled to find out who dropped the ball!

Meanwhile, law enforcement got involved, and not because they were bored! They found out that the breach wasn’t just random hackers being knuckleheads; it was a sneaky scheme involving a fraudulent account being sold on Telegram! Who knew Telegram was the underground market of the internet? 💼

In November 2024, Delhi Police arrested a guy from Bengal, who is suspected of being the mastermind behind this caper. Just another Tuesday, right?

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2025-02-05 00:05