WazirX plans to recover Rs. 2000 crores in stolen funds, improve security, and begin cryptocurrency withdrawals by April 2025, working with Zettai and law enforcement to ensure transparency and rebuild trust.
WazirX, India’s top cryptocurrency exchange, has declared plans to recover stolen money and resume cryptocurrency withdrawals. Following a massive attack that resulted in a loss of Rs. 2000 crores in cryptocurrency, WazirX has been working on ways to improve platform security and resolve creditor concerns. Along with its efforts, Zettai, another cryptocurrency business that manages creditor claims, has established a specific timeframe for resolving financial concerns.
This article presents an outline of the actions done by WazirX and Zettai to recover their users’ trust and assure openness.
The Impact of the Hack on WazirX
The hacking event resulted in severe losses for WazirX, with stolen assets totaling Rs. 2000 crore. This event not only harmed the exchange’s reputation, but it also kept its debtors in the dark about when they would be able to receive their money. To address this issue, the exchange has reiterated its commitment to recovering stolen assets and strengthening platform security.
Steps Taken by WazirX to Recover Stolen Assets
To deal with the consequences of the incident, WazirX implemented several recovery measures:
Collaboration with Law Enforcement: WazirX is working closely with law enforcement authorities to trace and freeze stolen USDT balances associated with the thefts.
Forensic Analysis: A complete forensic report is being created to assess the likelihood of retrieving stolen assets.
Legal Actions: WazirX is considering taking legal action against people or businesses implicated in the hacking and illegal asset distribution.
These efforts indicate their commitment to restoring user trust and securing its platform.
Zettai’s Role in Addressing Creditor Claims
Zettai, a cryptocurrency corporation that handles creditor claims, has released a proposed Scheme Process Timeline for resolving financial commitments. This timeline describes the processes necessary to resolve creditor concerns and resume withdrawals. Here is a breakdown of the timeline:
January 27, 2025 (“Day H”): Zettai will request court permission to hold a creditors’ meeting.
February 7, 2025: A sample list of creditors will be published, along with notices outlining how creditors can review their balances, engage in webinars, and make claims or disputes.
February 12, 2025: A town hall meeting will be conducted to advise creditors through the process.
February 18, 2025: An online webcast will outline the scheme’s terms and potential financial results.
February 7 to 18, 2025: Creditors can submit disputes or extra claims and they will be assessed by an independent assessor by February 27.
March 4, 2025: An updated list of creditors will be released, and voting on the proposed scheme will begin.
March 4 to 13, 2025: Creditors can vote with inspections and verifications completed by an independent assessor on March 21.
April 7, 2025: Zettai will seek legal sanction if the program is approved by a majority vote.
WazirX’s Timeline for Resuming Withdrawals
WazirX has stated that cryptocurrency withdrawals are likely to begin in mid-April 2025. While this schedule is consistent with Zettai’s proposed Scheme Process, many creditors believe the process is slow. Regardless of the delays, WazirX’s dedication to transparency is demonstrated by its determination to release recovery progress reports every four months.
Creditor Frustrations and Delays
The long-term timeline for restarting withdrawals and resolving disputes has frustrated many creditors. The rewards aren’t expected until March or April 2025, which adds to their frustration. Although WazirX and Zettai are working to fix these difficulties, the speed of recovery remains a worry for consumers who have been waiting months to reclaim their assets.
Transparency and Rebuilding Trust
To regain trust, WazirX has promised to provide regular updates on the rehabilitation process. They intends to keep creditors updated about the status of their funds and ongoing efforts to recover stolen assets by issuing progress updates every four months. This program demonstrates the company’s commitment to transparency and accountability.
Conclusion
WazirX and Zettai have developed extensive plans to handle the financial issues caused by the hacking attack. While the recovery procedure is time-consuming, both parties are making major efforts to promote openness and creditor engagement. WazirX’s pledge to resume crypto withdrawals by mid-April 2025 is a great development, but creditors remain concerned about the delays.
As WazirX continues its attempts to recover stolen assets and restructure its platform, its success will be determined by its ability to carry out these plans successfully and maintain open contact with its users. The path to recovery may be long, but WazirX’s proactive efforts and transparent approach indicate a brighter future for the bitcoin market.
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