New Restructuring Plan Targets 75-80% Fund Recovery Post-Hack | Airdrop Alert Pro

WAZIRX, a popular crypto exchange In July 2024, facing major hacking attacks, new updates have been released regarding the recovery of its funds. Since the hack, this has led to Loss of approximately US$235 millionthe exchange has been under pressure from users to recover the stolen funds. Despite sharing multiple updates and plans, the actual recovery process is slow, leaving investors feeling frustrated and anxious.

A step towards transparency

As part of the restructuring efforts, Wazirx has now issued As of July 18, 2024, preliminary list of creditors and balance snapshots. The move is intended to ensure transparency by allowing creditors to verify their claim amount and current balance. Each creditor can check their claims using a unique identifier (UUID), thus keeping their financial information private and secure. To make things easier, the platform also offers the Find My Balance option, and if someone wants to check another creditor’s claim, they can submit a request.

The list of creditors is based on the amount of claims from the highest to the lowest. In addition, the balance snapshot also includes detailed information about the token balance and deposit created after the hack. Wazirx insists that despite the criticism, the purpose of its restructuring plan is to be fair and transparent to all affected users.

Recovery schedule and creditor options

In addition, creditors are currently waiting for the funds they have earned hard. Recently, Wazirx proposed a restructuring plan focused on fund recovery. this Singapore High Court has approved This plan, but one takeaway: Its purpose is to recover only 75% to 80% of the lost funds. This means that creditors may not be able to obtain the full amount they lost.

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Wazirx offers two options for its creditors. If the restructuring plan is approved by most creditors, they may start getting recovered funds by April 2025. However, if the plan is rejected, the recovery process may expand over the next five years, making it long-term and uncertain.

Although the decision was tough for those who had already suffered losses, Wazirx’s efforts to regain trust through this restructuring program are worth noting. This is the first attempt at cryptocurrency exchanges to recoup hacker funds in this structured way, setting a new precedent in the cryptocurrency world.