Ah, WazirX, darling of the Indian crypto scene, has risen, phoenix-like, from the ashes of a rather gauche hack. 90% of its creditors, bless their trusting souls, have voted in favor of the platform’s post-hack restructuring plan. One can only imagine the champagne corks popping (or perhaps the digital equivalent)🥂.
In what I can only describe as a triumph of optimism over experience, 93.1% of voting creditors, clutching 94.6% of the value, have given the plan a resounding “yes.” From March 19 until March 28, these brave souls cast their votes on the Kroll Issuer Services platform. One shudders to think of the suspense! 😱
WazirX co-founder and CEO, Nischal Shetty, that beacon of hope, has declared that stolen asset recovery is now “a primary focus.” Though one does wonder, darling, why it wasn’t a primary focus before the hack? 🤔Still, he dangles the carrot of profit sharing, hoping to sweeten the deal for his long-suffering users.
Let us not forget the grim specter of February, when WazirX warned that repayments from the $235 million hack could be delayed until 2030 if the restructuring plan wasn’t approved. Oh, the horror! 😫 The platform threatened creditors with “unclear and potentially extended timelines.” A fate worse than a bad hair day, wouldn’t you agree?
Shetty, never one to shy away from a bit of self-promotion, celebrated the vote results on X. He proclaimed: “The people have spoken. We will work hard on rebuilding and creating value for everyone.” Such noble sentiments! One almost believes him. 😇
Shetty describes the result as “an important milestone in the recovery process” that “reflects a shared belief in the proposed restructuring plan.” The plan, hatched under the watchful eyes of Singapore’s legal eagles, involves WazirX holding liquid assets amounting to $566.4 million USDt — while the claims amount to a mere $546.5 million USDT. A surplus! How utterly delightful! 🤩
The exchange, in a fit of generosity, has released recovery tokens to settle outstanding claims. Creditors can now benefit from future platform operations and asset recovery. WazirX promises to return funds through token distributions that could yield 75% to 80% of the value of users’ account balances at the time of the cyberattack. A gesture of such magnanimity! ✨
The remaining 20-25% will be represented by recovery tokens, which will be periodically repurchased using profits generated from platform operations and a proposed decentralized exchange (DEX). Plans to launch the DEX were unveiled in November 2024, when Shetty declared that it will help prevent hack losses from happening again. One hopes he’s learned his lesson. 🙏
“The best thing is that you’ll be able to self-custody your assets here — your assets will be completely under your control — and you can freely trade or do what you want with your assets,” Shetty proclaimed. Freedom at last! 🕊️
Shetty also assured CryptoMoon that the DEX will be as simple to use as a button. He said, “Our goal is to make it on par with our CEX in terms of ease of operating.” Let’s hope it’s not too simple, darling. We wouldn’t want anyone getting confused, now would we? 😜
WazirX, you see, lost $234.9 million of digital assets in a Safe Multisig wallet in mid-July 2024. The attack was blamed on North Korean state actors. One can only imagine the drama! 🎭
Shetty, ever the pragmatist, has moved to BitGo and Zodia for crypto custody, promising “enhanced protection of funds.” The partnerships also include insurance. One hopes it’s a good policy. 🤞
Hacks, alas, are a persistent problem in the cryptocurrency industry. Over $2 billion was lost to cryptocurrency hacks in the first quarter of 2025 alone, with nearly $1.63 billion being lost to just access control exploits. A veritable goldmine for the unscrupulous! 😈
Hacken, in a moment of profundity, shared a key lesson: “Securing digital assets requires more than just secure on-chain code — the entire infrastructure, from front-end interfaces to internal processes, must be equally hardened, as all it takes is a single weak spot to wreck the entire system.“ A lesson WazirX has learned the hard way. 🤕
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2025-04-07 17:09