After Rebalancing, WazirX Announces the Return of 85% of Stolen Funds.

WazirX Set to Distribute 85% of Stolen Funds to Hack Victims After Rebalancing Completion

Following the completion of its asset rebalancing on Tuesday, WazirX has announced that victims of its July 2024 $230 million hack will receive 85% of their portfolio value, based on the assets recorded on July 18. The first payout round is scheduled for April, contingent on creditor approval of the recovery plan.

Users can now view their losses in both U.S. dollar and Indian rupee equivalents, and any remaining tokens that were not stolen have been redistributed, increasing the recovery amount for all affected individuals.

Creditors have until February 19 to approve the rebalancing plan, requiring a 75% majority vote for the plan to move forward. If the plan passes, WazirX will launch a decentralized exchange (DEX), issue recovery tokens, and implement a buyback system using profits generated by the platform over the next three years.

If the plan is rejected, WazirX could be forced into liquidation under the Singapore Companies Act, leading to a fire sale of assets at potentially lower values and a reduced payout for creditors.

The hack, attributed to the Lazarus Group—a North Korean hacking unit—resulted in the theft of over $100 million worth of shiba inu (SHIB) and $52 million in ether, which made up more than 45% of the exchange’s reserves, prompting the restructuring process.