Key Information:

• WazirX’s creditors will vote on a restructuring scheme. If more than 75% of them approve, they might receive their stolen crypto by April 2025.
• If the plan fails, liquidation under Singapore’s Companies Act will occur, likely delaying any reimbursements until 2030.

WazirX creditors can receive their stolen crypto as early as April or as late as 2030, depending on the approval of the restructuring scheme in the coming weeks.

The exchange, which was once the largest in India by trading volume, reported that a major hack occurred in July 2024, resulting in over $230 million in user funds being stolen. The hacker, identified as part of a North Korean group known as Lazarus, was able to launder the stolen funds through various methods, complicating recovery efforts.

If creditors approve the restructuring plan, WazirX will initiate trading operations again and ensure initial payments within ten business days after the scheme’s activation, including distributing net liquid assets. However, if the plan does not gain approval, the restructuring will likely result in a fire sale of assets, leading to further financial losses for creditors.

WazirX has faced criticism for its response to the crisis and has sought court oversight and restructuring support to prevent total liquidation.