WazirX Hack: Unlikely Customers Will Recover All Funds
CryptoNewsTerminal Staff02 Sep, 2024
WazirX Hack: Unlikely Customers Will Recover All Funds
WazirX Hack: Unlikely Customers Will Recover All Funds WazirX, an Indian cryptocurrency exchange that suffered a $230 million hack, is unlikely to be able to return 100% of user assets in a potential restructuring, the exchange’s legal counsel said during a press conference. According to CoinDesk, George Gwee, director at restructuring specialist Kroll, stated, “As things stand today … We can’t give more than 43% to the customers no matter what.” He added, “In a best-case scenario, customers get 55-57% of their funds.” This news comes as a blow to WazirX users who have been eagerly awaiting updates on the status of their funds. The exchange has been working with law enforcement and blockchain analysis firms to track down the stolen assets, but it remains unclear how much of the stolen funds can be recovered. WazirX has been criticized for its handling of the hack, with some users accusing the exchange of not doing enough to protect their funds. The exchange has said that it is committed to making its users whole, but it is unclear how it will do so given the limited amount of funds that are likely to be recovered.
