WazirX's Bold Comeback: Navigating the Golden Era of Crypto After a Heist

After a USD 230 million crypto heist, WazirX proposes a scheme to return 85% of user funds immediately. Founder Nischal Shetty is hopeful of user approval, aiming for a rebound during the 'golden era of crypto'. Critics question fairness, but Shetty assures legal binding adherence.

WazirX, the Indian cryptocurrency exchange, is attempting a significant comeback after a USD 230 million hack last year. The company is banking on user support for a new scheme of arrangement aiming to recoup losses amidst the evolving crypto landscape dubbed as a 'golden era'.

Founder Nischal Shetty assures users of returning 85% of their balances through the company's USD 450 million reserves immediately, with longer-term plans for the remaining 15% from recoveries and future profits. The voting process, scheduled for March 2025, holds the key to the company's survival, aiming to avoid liquidation.

Despite criticism suggesting the plan absolves WazirX of accountability, Shetty insists the scheme is legally binding. Confidence remains high, with assurances that the scheme is documented and legally overseen. The proposal reflects the company's continued faith in the crypto market's potential amidst ongoing recovery efforts.

(With inputs from agencies.)