WazirX Completes Asset Rebalancing, Offers 85% Compensation to Hack Victims
WazirX is set to distribute 85% of the portfolio value lost in a July 2024 hack, with initial payouts scheduled for April. Key points include:
- Users can now view asset values in both USD and INR.
- The hack resulted in $230 million in losses, with over $100 million in SHIB and $52 million in ETH stolen.
- A majority vote of 75% is needed by February 19 to approve the rebalancing plan.
- The refund strategy includes launching a decentralized exchange (DEX), issuing recovery tokens, and periodic buybacks funded by platform revenues over three years.
- If the proposal fails, WazirX may face liquidation under Singapore's Companies Act, risking lower compensation for creditors through asset fire sales.
- The attack was attributed to the North Korean hacking group Lazarus.