WazirX Customers May Not Recover Full Funds.
Customers of WazirX, the Indian cryptocurrency exchange hit by a $234 million hack in July, face an uncertain recovery of their funds. A legal adviser revealed that at least 43% of the funds might be unrecoverable. WazirX is restructuring its liabilities, aiming to return between 55% and 57% of the assets through token distributions and potential profit-sharing. The hack is the largest in India’s crypto sector, creating significant turbulence. The company is negotiating with a “white knight” for capital but faces challenges due to a dispute with Binance. Legal actions against Binance and wallet provider Liminal remain unclear, adding to the pressure.
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