93% of WazirX Creditors Greenlight Post-Hack Recovery Plan
Summary
WazirX has received approval from over 93% of its creditors for a restructuring plan following a $235 million hack attributed to North Korean hackers. The vote, representing 93.1% by headcount and 94.6% by claim value, allows the exchange to proceed with a court-sanctioned recovery plan in Singapore. Creditors will receive 75% to 80% of their claims in USDT, with the remainder covered by recovery tokens linked to WazirX's profits and a new decentralized exchange. The hack, which compromised multi-signature wallets, led to a temporary halt in withdrawals and a criminal investigation. WazirX has since changed its crypto custody providers and allocated $12 million for legal and recovery efforts.
