Nischal Shetty, the CEO of the struggling WazirX crypto exchange, recently reported the net liquid assets held by the exchange. These funds are ready for distribution to the WazirX creditors, marking a significant step towards resolving the aftermath of the hacking incident that took place in July 2024.
In July 2024, WazirX fell victim to a cyber attack orchestrated by the North Korean hacking group, Lazarus. The hackers managed to steal $234.9 million worth of cryptocurrencies from the exchange’s cold wallet, leading to a suspension of the exchange’s trading services. Since then, WazirX has been working towards recovering and distributing the remaining funds to its creditors.
On 20 March 2025, Nischal Shetty announced that Alvarez & Marsal, an independent third-party verification firm, had confirmed $478.5 million in net liquid assets held by the exchange. These funds are currently under the custody of reputable institutions such as Zodia and Bitgo, ensuring their safety and security.
Shetty also emphasized the exchange’s commitment to transparency by providing regular updates to the WazirX customers. This transparency is crucial in rebuilding trust and confidence in the exchange’s operations.
In addition to the verification of liquid assets, WazirX has initiated a voting process for its Restructuring Scheme. The voting, which started on 19 March, allows WazirX customers to voice their opinion on the proposed scheme until 28 March. It is essential for creditors to participate in the voting process to determine the future course of action for the exchange.
While the Restructuring Scheme has faced criticism from some quarters, it is important for creditors to consider the potential outcomes of their vote. A rejection of the scheme could lead to prolonged liquidation proceedings and further losses for the customers. Therefore, it is advisable for WazirX creditors to vote in favor of the scheme to expedite the resolution process and mitigate potential losses.
Furthermore, WazirX has strengthened its security measures by partnering with top crypto custody providers such as Zodia and BitGo. These partnerships aim to enhance the safety and security of the exchange’s digital assets transactions, providing an added layer of protection for customer funds.
As WazirX continues its journey towards recovery and restructuring, it is essential for creditors to stay informed and actively participate in the voting process. By working together and supporting the exchange’s efforts, creditors can help facilitate the distribution of funds and pave the way for a brighter future for WazirX. In today’s fast-paced world, many people find themselves constantly on the go, trying to keep up with the demands of work, family, and social life. With so much on our plates, it can be easy to neglect our physical and mental well-being. However, making time for self-care is crucial for maintaining a healthy and balanced lifestyle.
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