WazirX News: Creditor Payouts May Begin by April 2025, But There’s a Catch

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WazirX, the popular crypto exchange that lost $235 million in a massive hack in July 2024, has finally shared a major update on its fund recovery efforts. Since the attack, investors have been left in limbo, anxious to know if they will ever get their money back. Despite multiple updates, real progress has been slow, fueling frustration among users.

Now, WazirX has taken a crucial step – but does it offer real hope, or just more waiting? Here’s what you need to know.

Creditor List and Balance Snapshot Released

As part of its recovery plan, WazirX has published a preliminary creditor list along with a balance snapshot dated July 18, 2024. This allows affected users to verify their claim amounts and current balances. To protect privacy, each creditor can check their claims using a unique identifier (UUID).

To make things easier, WazirX has introduced a “Find My Balance” tool, and users can also request to review another creditor’s claim. The list is organized from the highest to lowest claim amounts and includes details of token balances and any deposits made after the hack.

Despite criticism, WazirX insists that its restructuring plan is fair and transparent.

Singapore Court Approves Recovery Plan, But –

While creditors are still waiting for their funds, WazirX has proposed a restructuring plan to recover a portion of the losses. The Singapore High Court has approved the plan, but it only aims to recover 75% to 80% of the stolen funds – meaning creditors may not get back their full amount.

Also Read :   WazirX Users Face Tough Choice: Accept New Plan or Wait Until 2030 For Refund   ,

WazirX has offered creditors two choices. If most creditors approve the plan, the first payouts could begin by April 2025. However, if the plan is rejected, the recovery process could take up to five years, making the wait even longer.

Despite the challenges, WazirX’s structured approach is one of the first of its kind in the crypto space. While users may not be fully satisfied, the exchange’s attempt to recover funds in an organized manner could set a precedent for future cases.