WazirX Boosts Transparency with Preliminary Creditor List and ‘Find My Balance’ Feature
Indian cryptocurrency exchange WazirX is intensifying its transparency efforts to streamline its ongoing restructuring process.
Recently, the platform introduced a Preliminary Creditor List and a new 18th July Page within its app, allowing users to gain better visibility into their claims and balances.
Preliminary Creditor List for Claim Verification
The Preliminary Creditor List enables creditors to verify their claim amounts in USD using a unique UUID.
To uphold privacy standards, the list excludes personal details, yet users can request access to other creditors’ claims during the Inspection process.
The creditor list is arranged in descending order based on claim value, simplifying navigation.
Additionally, WazirX has introduced a “Find My Balance” feature that allows users to locate their claim details efficiently, reinforcing accessibility and transparency.
18th July Page: Balance Overview
The 18th July Page offers a balance snapshot, reflecting users’ token holdings and deposits as of 1 PM IST on July 18, 2024.
This feature has been integrated into the funds section and app homepage, enabling users to monitor their assets throughout the restructuring period.
Wallet Migration for Enhanced Security
In tandem with these updates, WazirX has announced its wallet migration process, which involves transferring funds from existing cold wallets to new, secure wallets.
This initiative aims to improve fund management, security, and operational efficiency. WazirX has assured that the process will be fully transparent, contributing to the platform’s long-term resilience.
WazirX Urges Creditors to Approve Restructuring
WazirX has emphasized the importance of creditor approval for its restructuring plan, warning that repayments from the $235 million hack could be delayed until 2030 if the plan is rejected.
On February 4, WazirX released a comparative breakdown outlining two possible scenarios:
- If approved: The restructuring process could commence as early as April 2025, with platform relaunch and the first phase of repayments. Additionally, WazirX plans to establish a decentralized exchange (DEX), recover stolen assets, and repay creditors through a profit-sharing model.
- If rejected: Creditors may face delays of up to five years, awaiting resolution before receiving any reimbursements.
High Court Approval and Debt Restructuring Plan
The High Court of Singapore settled the restructuring debate by approving WazirX’s plan on January 23, 2025. The court determined that rapid asset distribution would provide users with the best outcome.
According to the plan, creditors could recover up to 80% of their balances.
The approved exchange plan includes:
- Debt restructuring
- Recovery token issuance
- Profit-sharing model
- Platform relaunch
Voting Process and Asset Distribution
The exchange’s voting period will span three months. Once a majority vote is secured, net liquid assets will be distributed to users within 10 days.
Cyberattack and Stolen Asset Recovery
In July 2024, WazirX suffered a cyberattack, resulting in the theft of nearly $230 million in digital assets.
The Lazarus Group, a North Korea-based cybercriminal organization, has been identified as the perpetrator by the United States, Japan, and South Korea.
To optimize user returns, the restructuring plan will introduce Recovery Tokens (RTs), allowing creditors to benefit from recovered assets and future platform profits.
These tokens will be distributed within 10 business days following the effective scheme date.
Potential Outcomes Based on Scheme Approval
If Approved:
- Operations resume and asset distribution begins post-restructuring.
- DEX implementation to facilitate platform revival.
- Stolen asset recovery and profit-sharing mechanisms to compensate creditors.
- Collaborations with external investors to stabilize financial health.
If Rejected:
- Prolonged ownership dispute delays resolution.
- Liquidation before dispute resolution may significantly delay asset distribution.
- Lower recovery rates due to liquidation costs.
On January 23, 2025, the Singapore High Court granted WazirX’s parent company, Zettai Pte Ltd, a 16-week moratorium, providing legal protection to facilitate the restructuring process.
With these new developments, WazirX is making significant strides toward ensuring transparency, security, and financial recovery for its users.
The exchange urges creditors to stay informed and participate in the voting process to expedite asset recovery and restructuring.
