WazirX completes asset rebalancing, token distribution awaits creditor approval
Crypto exchange WazirX has announced the completion of its asset rebalancing process, marking a key step toward recovering from last year’s security breach, which resulted in losses exceeding $230 million. The exchange will now seek user approval for a distribution scheme.
The redistribution of assets will be made in the form of tokens, the company said, conditional to its majority users voting in affirmative to its scheme.
The scheme would represent about 85% of the balances of investors on the crypto exchange, valued as of July 18, 2024 at 1 PM Indian Standard Time (IST). This was the day when the firm was impacted by the alleged breach.
The exchange said that the distribution process would start within 10 business days of the scheme being effective, which the platform claimed would be the fastest recovery in the history of the industry.
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View Details»Nischal Shetty, Founder of WazirX, stated, «Completing the rebalancing process and preparing for distribution demonstrates our deep commitment to protecting creditor interests and restoring the trust
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