WazirX

<ul class="wp-block-list">
 <li>WazirX is asking the court to approve a plan to restart and distribute funds.</li>
 <li>They’ve moved funds to secure exchanges and are planning how to distribute them.</li>
 <li>The recovery depends on the community’s support for a fair solution.</li>
</ul>
<p>WazirX, a popular crypto exchange, is working hard to recover from a major hack that led to a $235 million loss. They’ve recently taken an important step by applying to the <a href="https://x.com/NischalShetty/status/1865199098372198657" target="_blank" rel="noopener noreferrer nofollow">Singapore Court for permission</a> to meet with creditors. This meeting will help to decide the best way to distribute the remaining funds and get the platform up and running again.</p>
<h3 class="wp-block-heading" id="h-recovering-from-the-wazirx-hack">Recovering from the WazirX Hack</h3>
<p>People believe that, After the hack, WazirX moved some of the remaining funds to other exchanges to keep them safe. And they are trying to grow them through leverage trading.</p>
<p>However, some people are worried about how these funds are being managed, even though the company says it’s part of a recovery plan. Some are frustrated because they want their funds back quickly since the market is also surging now. But others are supporting the company’s efforts to rebuild and move forward.</p>
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="731" height="446" src="https://thenewscrypto.com/wp-content/uploads/2024/12/image_2024-12-07_205554226.png" alt="" class="wp-image-117052" style="width: 100%;height:auto" srcset="https://thenewscrypto.com/wp-content/uploads/2024/12/image_2024-12-07_205554226.png 731w, https://thenewscrypto.com/wp-content/uploads/2024/12/image_2024-12-07_205554226-300x183.png 300w" sizes="auto, (max-width: 731px) 100vw, 731px">
</figure>
<p>WazirX has proposed a Scheme of Arrangement, which is like a plan to resolve the situation fairly. Creditors (those who are owed money or assets) will vote on the plan. If they agree, the exchange can start distributing the remaining funds to users and restart the platform.</p>
<p>However, some people are asking for the platform to be reopened immediately without waiting for the court process to finish. This shows that some people want quick fixes without considering the platform’s long term stability, Since they lost their assets.</p>
<h3 class="wp-block-heading" id="h-restarting-the-exchange">Restarting the Exchange</h3>
<p>When WazirX restarts, they will have to figure out how to handle the funds of users affected by the hack. Nischal explained, For example, if User 1 had 1 BTC, User 2 had 1 ETH, and 1 ETH was stolen, how would WazirX fairly distribute the remaining funds? While WazirX can’t return the stolen ETH, they are working on a plan to ensure everyone gets their fair share, which will be decided through the <a href="https://wazirx.com/blog/announcement-introducing-the-scheme-timeline-calculator/" target="_blank" rel="noopener noreferrer nofollow">Scheme of Arrangement.</a></p>
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="737" height="702" src="https://thenewscrypto.com/wp-content/uploads/2024/12/image_2024-12-07_205501776.png" alt="" class="wp-image-117051" style="width: 100%;height:auto" srcset="https://thenewscrypto.com/wp-content/uploads/2024/12/image_2024-12-07_205501776.png 737w, https://thenewscrypto.com/wp-content/uploads/2024/12/image_2024-12-07_205501776-300x286.png 300w" sizes="auto, (max-width: 737px) 100vw, 737px">
</figure>
<h4 class="wp-block-heading" id="h-moving-forward-together">Moving Forward Together</h4>
<p>Nischal Shetty, has been clear that the company is working hard to recover and is doing everything legally and transparently. Despite some negative comments, he is determined to add more value than what was lost and get the platform back up and running.</p>
<p>The recovery process will take time, but if the community supports it, WazirX can return stronger. Being patient and working together is important to ensure the platform’s long-term success.</p>
<h4 class="wp-block-heading" id="h-conclusion">Conclusion</h4>
<p>WazirX’s recovery plan involves a legal process that will help ensure everything is done fairly. While it might take time. If everyone supports the process, the exchange can restart and provide a safe platform for users again. The key to a successful recovery is patience and teamwork.</p>
<h3 class="wp-block-heading" id="h-hghlighted-crypto-news-today">Hghlighted Crypto News Today</h3>
<p><a href="https://thenewscrypto.com/xrp-jumps-10-03-surpassing-citigroups-market-cap-at-139b/" rel="noopener noreferrer nofollow">XRP jumps 10.03% surpassing Citigroup’s market cap at $139B</a></p>

When Will WazirX Return, If Not Now?

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