Over 90% of WazirX creditors support post-hack restructuring plan

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The story "Over 90% of WazirX creditors support post-hack restructuring plan" was covered 11 hours ago by Coin Telegraph, a news publisher based in United States.

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Coin Telegraph 11h ago

Over 90% of WazirX creditors support post-hack restructuring plan - Coin Telegraph

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We will work hard on rebuilding and creating value for everyone.”Related: CoinSwitch launches $70M recovery fund for WazirX hack victimsThe plan for repaying creditorsShetty described the result as “an important milestone in the recovery process” that “reflects a shared belief in the proposed restructuring plan.” The plan in question was developed under the supervision of Singapore’s legal system and announced in January, it entails WazirX holding liquid assets amounting to $566.4 million USDt — while the claims amount to $546.5 million USDT.

He said that “our goal is to make it on par with our CEX in terms of ease of operating.”Related: Binance, WazirX among crypto firms evading taxes in India, says gov’tA North Korea-linked hackWazirX lost $234.9 million of digital assets in a Safe Multisig wallet in mid-July 2024.

Shetty told Cointelegraph that — in order to prevent future hacks — WazirX has moved to BitGo and Zodia for crypto custody, promising “enhanced protection of funds.” The partnerships also reportedly include insurance.