- More than 93% of WazirX users agreed to the new plan to fix things after the big hack.
- The plan now goes to Singapore court for final approval.
- If approved, WazirX will start giving back funds and restart trading soon.
WazirX has gotten massive support from its users for a recovery plan after it lost more than $230 million in a hack. Over 93% of voting users voted “yes” for the plan, and they account for around 94.6% of the total amount involved in the claims.
2024 WazirX Hack recovery
Among 141,476 people who cast their votes, more than 131,000 supported the company’s proposal. These claims totaled more than $195.6 million. This process of voting was held between March 19 and March 28 by Kroll Issuer Services. WazirX is now taking the proposal to a Singapore court for final approval.
If the court permits it, then WazirX will begin refunding money to users within a period of 10 working days. The company also intends to gradually resume its trading services in phases.
The hack occurred during mid-2023 and was linked to North Korean hackers. WazirX’s wallet, which is managed with a firm named Liminal, was breached, and an enormous quantity of customer money was lost. Since then, accounts were frozen by the exchange and a legal recovery process was initiated.
There were some users questioning the voting on a platform that is associated with the company, preferring a complete independent system. Others were upset they couldn’t profit when Bitcoin hit all-time highs.
WazirX CEO Nischal Shetty announced the news on X , stating, “The people have spoken… This is a big moment in our recovery.”
And now, the focus is on the Singapore court. WazirX can soon start repaying users and trying to regain their trust, if plans go smoothly.
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