WazirX Plans to Resume Full Crypto Withdrawals by April 2025 After Cyberattack
WazirX, one of India’s leading cryptocurrency exchanges, is likely to fully resume crypto withdrawals by mid-April 2025, nearly nine months after a significant cyberattack that led to the loss of around $230 million from one of its wallets. This cyberattack, which occurred earlier in 2024, sent shockwaves through the cryptocurrency community, leaving many users unable to access their funds. However, the company is now focused on restructuring and has outlined a recovery plan aimed at compensating users and regaining their trust.
On December 6, 2024, Zettai, the parent company of WazirX, filed an application with the Singapore court. The application sought approval to convene a shareholders’ meeting to vote on a proposed scheme of arrangement as part of its broader restructuring strategy. This move is an important step in WazirX’s efforts to recover from the attack and ensure that its users are compensated. According to the company’s statement, the Singapore court has set the hearing date for January 22, 2025, to review this application.
WazirX’s Restructuring Plans and Compensation Scheme
The restructuring plans, which are subject to approval by the shareholders, include a series of measures designed to make affected users whole again. One key aspect of the proposed scheme is the redistribution of net liquid assets on the platform. This plan involves rebalancing the assets in such a way that users who were impacted by the cyberattack will receive compensation based on their losses.
Additionally, WazirX intends to share profits from a new decentralized exchange (DEX) that it plans to develop. The introduction of this DEX could offer an alternative platform for trading, while also providing an avenue for the exchange to recover some of the funds lost in the attack. The profits from this exchange, along with the rebalancing of liquid assets, will be part of the compensation for affected users.
WazirX has also outlined plans to recover illiquid assets that are still held on the platform. This process will likely involve pursuing various legal avenues and financial strategies to recover funds that are currently inaccessible, further boosting the platform’s ability to pay back its users.
Legal and Financial Roadblocks Ahead
Although WazirX’s proposed scheme offers a clear path for compensation, there are still legal and financial challenges ahead. The application to convene the shareholders’ meeting must first be approved by the Singapore court on January 22, 2025. If the court approves the plan, the company will then proceed with the restructuring and compensation process, which could take several months to fully implement.
In the meantime, WazirX will continue to work on strengthening its security infrastructure to prevent future cyberattacks and ensure the safety of user funds. The company is likely to face heightened scrutiny from both regulators and users as it navigates this difficult period.
Conclusion
WazirX’s plan to resume full crypto withdrawals by mid-April 2025 marks a significant step in the aftermath of the devastating cyberattack in 2024. With a clear restructuring plan and compensation scheme in place, the exchange is working to recover user trust and rebuild its platform. While challenges remain, the company’s efforts to compensate affected users and improve security show a commitment to making things right. The outcome of the January 2025 court hearing will be a crucial milestone in this process, and users will be closely watching to see how WazirX moves forward in the coming months.
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