Wazirx creditors can start to receive their stolen crypto as early as April, or in 2030, based on the results of a voting program, scheduled for the next few weeks.
Creditors of the exchange of pirated Indian crypto will have to vote on the opportunity to approve the restructuring regime. If the majority, or more than 75% by value of voting creditors, vote yes, the regime came into force in April 2025, as previously approved by a Singapore court, said the company in a post.
If the regime is approved, the platform is then provided to restart negotiation operations, with initial payments promised within 10 working days of the activation of the regime, including the distribution of net liquid assets.
Part of the reimbursement plan is to launch a decentralized exchange (DEX), emit recovery tokens that can be exchanged and make a periodic buyout of recovery tokens using the profits from the platform and new sources of income.
However, if the regime is not approved, the restructuring plan fails and the process is heading towards the liquidation under article 301 of the Singapore companies law – potentially leading to a fire sale of assets And creditors receiving less compensation because the assets are sold to possibly lower values.
The process could be less favorable to creditors due to delays and reducing the value of assets, Wazirx noted in its position.
Wazirx, formerly the largest crypto exchange in India by exchanging volumes, was hacked by the holding of North Korean hackers Lazarus in July 2024 and saw more than $ 230 million in user funds stolen on the platform.
The pirate launched all stolen funds with various addresses using Tornado treasury to obscure transactions, as Coindesk reported in September, attenuating the hopes of a complete recovery.
Wazirx, still in shock from financial and reputation damage, worked to recover funds with limited success. He faced criticism for his management of the crisis, in particular concerning the communication of users and the fund recovery processes.
He filed a moratorium before the courts of Singapore and received the approval of the court for a restructuring plan in January for the resumption of creditors, avoiding total liquidation.
