{"id":136659,"date":"2024-09-03T13:00:12","date_gmt":"2024-09-03T10:00:12","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136659"},"modified":"2024-09-02T23:56:06","modified_gmt":"2024-09-02T20:56:06","slug":"wazirx-users-unlikely-to-recover-full-funds-after-234-million-hack","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/wazirx-users-unlikely-to-recover-full-funds-after-234-million-hack\/","title":{"rendered":"WazirX Users Unlikely to Recover Full Funds After $234 Million Hack"},"content":{"rendered":"<p>The Indian crypto exchange is currently in the midst of a restructuring process following the breach and has requested additional time from Singapore\u2019s high court to implement a strategy that maximizes token recovery for its users.<\/p>\n<p>According to <strong><a href=\"https:\/\/techcrunch.com\/2024\/09\/02\/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds\/\">TechCrunch<\/a><\/strong>, the restructuring firm assisting WazirX has indicated that customers may need to forfeit at least 43% of their assets. Kroll&#8217;s George Gwee mentioned that the most optimistic scenario would see users recovering between 55% and 57% of their funds. WazirX aims to distribute any remaining assets to users on a pro-rata basis through cryptocurrency.<\/p>\n<p>The firm explained that the losses from the cyberattack would be shared proportionally among users, who are classified as unsecured creditors. The distribution will be based on users&#8217; claims relative to their account balances.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/crypto-scammer-tried-to-evade-authorities-with-new-appearance-but-was-arrested\/\" title=\"Crypto Scammer Tried to Evade Authorities with New Appearance, but Was Arrested\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/2601-5d013765721d3-240x170.\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Crypto Scammer Tried to Evade Authorities with New Appearance, but Was Arrested<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The entire process is expected to take a minimum of six months, which is deemed the quickest way to resume cryptocurrency withdrawals. WazirX plans to hold a video town hall during the week of September 2, 2024, to outline the details of the proposed restructuring and answer user inquiries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WazirX users have been informed that they might lose over 40% of their funds due to a $234 million hack that occurred in July.<\/p>\n","protected":false},"author":3,"featured_media":31004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[26],"tags":[],"class_list":["post-136659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocrime"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WazirX Users Unlikely to Recover Full Funds After $234 Million Hack<\/title>\n<meta name=\"description\" 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