A major cryptocurrency exchange of India, who has been a victim of a large hack in July 2024 Wazirx hack A new update has come related to. This update provides information related to the new recovery plans of Wazirx, who became a victim of $ 235 million hack by North Korean hackers.
In fact, Wazirx has presented two options for its users, with a new refund plan that will restart the platform in 2025 or wait long by 2030, if the proposal of transactions is rejected. In this article, we will analyze both these options and will tell users about the risks related to them. Significantly, in the hack on Wazirx, more than 40% of the exchange assets were destroyed and since then users have been waiting for the recovery of their missing amount.
Wazirx’s new refund plan and its option
Wazirx has introduced its restructuring plan, under which at least 75% of credits approve the plan, the exchange will resume in April 2025. According to this plan, users will be given recovery tokens. These tokens will show claims on recovered assets and will give users a chance to benefit from the profit of the platform in future.
The scheme also includes the launch of a new dyscent exchange (DEX). Recovery tokens can be traded in the market and the platform promises that tokens will be purchased from time to time using new revenue sources and profits. If the plan is accepted, the first payment process will start within 10 business days of activation. Already for this plan Wazirx approved by Singapore High Court Has been found
Failed plan and its difficulties for Wazirx
Alternatively, if credits reject this scheme, Wazirx will have to start a liquidation process, which will be under the law linked to the companies of Singapore. In this situation, users may have to wait by 2030 for their recovery. There may be a fire cell of assets during the liquidation process, which is likely to reduce their price. This may mean that creditors will get less compensation and there may be further delay in recovery.
Wazirx has warned that due to liquidation process, the repayment may be delayed even further. In addition, users will be performed at the Fiat distribution market price, which can ignore a bull run of the future.
Conclusion
Wazirx users currently have two clear routes on one side. The new refund plan, which will restart the platform in 2025 and provide tokens. On the other hand, if the plan is rejected, they can wait by 2030 and face the liquidation process. This is a significant turn for millions of users affected by this decision.
India’s Crypto Community has criticized the proposal, as many users believe this is an unjust deal and Wazirx is worried about its advantages rather than users. In this situation, Wazirx will have to present a fair and transparent solution to its users, so that their confidence can be regained.
