WazirX’s Crypto Drama: 80% Payback & Community Eye Rolls 🙄💸

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Breaking 🚨: The Singapore High Court 🏛️ has given WazirX the go-ahead to pay back a whopping 75-80% of the funds stolen from customers. Yes, you read that right! But don’t break out the champagne just yet, folks. Many victims are still skeptical 🤔…

Here’s the tea 🍵: On July 18, 2024, WazirX took a hit, losing over $234 million in various crypto assets. The culprit? North Korea’s notorious Lazarus Group 🐍, the same group behind the CoinEx hack in September 2023. Talk about repeat offenders!

WazirX’s Restructuring Plan: Payback Time?

The Singapore High Court has waved the green flag 🚦 for WazirX’s restructuring plan. It aims to return 75-80% of the lost customer funds 💸 through a court-approved process. Phew! At least there’s a plan, right?

The Singapore High Court has given us the thumbs up 🙌 to proceed with our restructuring. Next up: the Voting Process. Stay tuned, folks!

— Nischal (Shardeum) 🔼 (@NischalShetty) January 23, 2025

The user voting process is set to take place over the next three months. If all goes well, the exchange will distribute liquid assets within 10 business days. Plus, any gains from the crypto market recovery since the attack 📈. Nice!

To help users recoup their losses, WazirX has issued recovery tokens 🎟️. These tokens represent the amount owed to each user and will entitle them to a share of WazirX’s future profits and any stolen funds that are recovered. Win-win, maybe?

The exchange will repurchase these tokens over three years using its profits, allowing users to get most of their money back while keeping the exchange afloat 🚣‍♂️. Not a bad deal, if you ask me.

WazirX has already recovered some stolen funds, freezing $3 million worth of Tether (USDT), and is working with authorities in the U.S., Japan, and South Korea to retrieve further assets involved in the attack. Fingers crossed!

If the plan works out, WazirX can operate again and hopefully win back its user base’s trust. 🤞

Community Eye Rolls 🙄

But here’s the catch: many victims of the crypto exchange scam aren’t buying it. The “Justice for WazirX Users” community on Discord and X is giving Nischal Shetty, the CEO and founder, a hard time. They say the user voting process shouldn’t take more than three months. But Shetty is allegedly asking for an additional four months. Come on, man!

News outlets reported WazirX got court approval to vote, but missed that WazirX wants an extra 4 months. 🙄 #WazirxScam #WazirX $BTC

— Aditya Singh (@CryptooAdy) January 23, 2025

Nischal confirmed we won’t get anything in April. How can we trust someone who lies so casually? 🙄#WazirxScam #WazirX $BTC

— Justice for WazirX Users (@IndiasCrypto) January 23, 2025

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2025-01-28 10:15