Wazirx Hack victims will receive 85% of their portfolio value, as recorded on July 18, the Stock Exchange completed its asset rebalancing on Tuesday, with the first distribution series scheduled for April.
Tuesday, users can see both the US dollar and the Indian rupee values of assets that were lost in a hacking of $ 230 million in July 2024. The increase in unstolen tokens belonging to individuals was distributed between all users, allowing a higher amount to be returned to users.
Creditors now have until February 19 to accept the rebalancing of the current regime, with a majority vote of 75% required for the plan to progress.
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 returned over the next three years.
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.
Wazirx was struck by a security violation in one of its Multisig portfolios last July, which leads to more than $ 100 million in Shiba Inu (SCH) and $ 52 million in ether, among others active, to Draining of the exchange.
The stolen funds represented more than 45% of the total reserves cited by the scholarship in a June 2024 report, leading to a restructuring process to erase responsibilities. The North Korean Pirate Lazarus unit would be the source of the attack, as has previously reported Coindesk.
