WazirX presents a restructuring plan after the hacker attack of $235 million in July 2024: compensation to users via recovery tokens and the Settlement Scheme in Singapore ⚖️

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WazirX exchange, which suffered from a hacker attack amounting to $235 million in July 2024, has announced a restructuring plan to compensate affected users. The company proposed payments through recovery tokens that will allow users to get back up to 80 percent of their lost funds. WazirX’s debt issues are being addressed through a Settlement Scheme in the Singaporean court. Its competitor CoinSwitch has created a fund to support the victims of the attack, amounting to $69.9 million, and has filed a lawsuit against WazirX to recover its blocked funds.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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