WazirX Creditors Unite Behind Post-Hack Recovery Plan

WazirX Creditors Greenlight Post-Hack Recovery Plan

A majority of WazirX's creditors have given the green light to the cryptocurrency exchange's proposed recovery plan, which aims to compensate affected investors following the platform's $113 million hack last year.

According to a report by Decrypt, 93% of WazirX's creditors have approved the plan, which involves the liquidation of the exchange's assets to reimburse investors who lost funds in the hack.

The recovery plan was put forth by WazirX's administrators, who have been working to resolve the situation since the hack occurred in August 2022. The plan outlines the steps that will be taken to recover assets and distribute them to affected investors.

The creditors' approval is a significant milestone in the process, as it clears the way for WazirX to move forward with the plan. The exchange's administrators are now expected to begin liquidating assets and distributing funds to affected investors.

The hack, which was attributed to a phishing attack, resulted in the theft of approximately 8,000 Bitcoin, 119,000 Ethereum, and other cryptocurrencies. The incident had a significant impact on the cryptocurrency market, and many investors were left feeling vulnerable and uncertain about the future of their investments.

WazirX's proposed recovery plan aims to address these concerns by providing a clear path forward for affected investors. The plan is expected to take several months to complete, during which time WazirX's administrators will work to recover assets and distribute them to investors.

The approval of the recovery plan is a positive development for WazirX and its investors, as it provides a sense of stability and security. The incident serves as a reminder of the importance of cybersecurity in the cryptocurrency space, and the need for exchanges to prioritize the safety and security of their investors' funds.