WazirX Creditors Say “Yes, Please!” to $230M Hack Payback Plan! 💰😂

by

What to know:

  • WazirX just got a whopping 93% thumbs up from creditors for its “Scheme of Arrangement”—sounds fancy, right? It’s like a corporate prom date, moving closer to recovering from that $230 million hack! 💃
  • Over 141,000 creditors voted, and they didn’t just meet Singapore’s Companies Act requirements—they threw a party! No liquidation here, folks! 🎉
  • If the Singapore Court gives a nod, we’re talking payouts and withdrawals resuming! Plus, a decentralized exchange and recovery tokens—because who doesn’t love a good token? 🎟️

So, WazirX has scored over 93% approval from creditors for its grand plan to pay back victims of the $230 million hack. It’s like a heist movie, but with more paperwork! 📜

The voting extravaganza took place on the Kroll Issuer Services platform from March 19 to March 28, with over 141,000 creditors representing $195.65 million in claims. That’s a lot of zeros! 💸

Out of those, 131,659 creditors, holding $184.99 million, voted in favor—93.1% by count and 94.6% by value. They exceeded the requirements like a kid exceeding their candy limit! 🍬

If they hadn’t approved the scheme, it would’ve been liquidation time—cue the sad trombone! 🎺 WazirX said creditors might have seen their money again by 2030. Yikes!

Now that the votes are in, Zettai is ready to charm the Singapore Court for approval. If they get the green light, expect initial payouts within 10 business days—fingers crossed! 🤞

Part of the refund plan includes launching a decentralized exchange (DEX), issuing recovery tokens that can be traded, and doing a periodic buyback of those tokens using profits. It’s like a financial buffet! 🍽️

Remember, WazirX users lost over $230 million in a security breach led by the infamous Lazarus Group in July 2024. They blamed their custody provider, Liminal, but Liminal said, “Not us!” Talk about a blame game! 🎭

The hacker laundered the stolen funds using Tornado Cash, making it harder to track down the loot. CoinDesk reported it, and now hopes for a full recovery are as high as a cat on catnip! 🐱

WazirX has been trying to recover the funds, but it’s been like trying to find a needle in a haystack—good luck with that! 🧵

Read More

2025-04-08 11:35