WazirX Unveils 85% Reimbursement Proposal to Aid Hack Victims
Edited by Matt Waller
In an effort to mend trust after a high-profile cyber incident, cryptocurrency exchange WazirX has announced a bold asset rebalancing strategy. The proposal offers affected users up to 85% reimbursement of their portfolio value as of July 18, 2024—contingent on garnering at least a 75% approval rate from its creditors.
A New Chapter for Recovery
WazirX’s new plan opens the acceptance window for creditors until February 19. If the proposal is approved by the necessary majority, the first phase of reimbursements is scheduled to kick off in April. This initiative is designed to compensate victims of the July 2024 hack while paving the way for broader strategic reforms within the platform.
Key Elements of the Recovery Strategy
Should the vot...