WazirX Moves Forward with Restructuring Strategy to Recover from Cyberattack

WazirX, an Indian cryptocurrency exchange, is implementing a restructuring strategy to recover from a recent cyberattack that resulted in a loss of over $230 million. The exchange plans to use a Singapore Scheme of Arrangement to distribute remaining assets fairly among affected users. This approach is aimed at resolving the issue quickly and ensuring a legal recovery process. WazirX is also exploring legal channels, including bounty programs, to retrieve the stolen funds. INR withdrawals will resume on August 26 with a 60% fee reduction, while cryptocurrency withdrawals remain paused due to a shortage of ERC-20 token assets. WazirX warns against external parties seeking to exploit the restructuring process for personal gain and assures users that the restructuring is not bankruptcy or liquidation. The co-founder of WazirX promises to provide more details about the restructuring through various social media platforms next week.