Crypto exchange WazirX has finalised its asset rebalancing process. This is being seen as a significant step towards addressing the financial shortfall caused by last year’s cyberattack on the exchange, which led to losses exceeding $230 million. The platform is now moving forward with a distribution scheme, and waiting for user approval.
The redistribution will be made in tokens, and customers will receive about 85 per cent of their holdings based on the day the exchange was affected by the incident, July 18, 2024, according to WazirX. The distribution process will commence within 10 business days. The scheme will become effective, subject to court approvals and other procedural factors.
According to WazirX, this would be one of the quickest recovery procedures in cryptocurrency history if finished in the anticipated amount of time. The platform wants to regain the confidence of its users by allocating cash efficiently.
Nischal Shetty, founder of WazirX, highlighted the platform’s commitment to investors.
He said: “Completing the rebalancing process and preparing for distribution demonstrates Zettai’s deep commitment to protect creditor interests and restore the trust placed in the platform. By targeting one of the fastest distribution timelines in the crypto industry, we hope to set a precedent for accountability, efficiency, and resilience in times of crisis.”
After the first round of distributions, WazirX plans to make additional payouts over the next three years. These will come from recovering stolen tokens and other illiquid assets, along with profits from future operations.
WazirX has teamed up with Blockchain forensics firm zeroShadow to assist in its asset recovery. The company is working to recover additional stolen funds, and so far, it has frozen about USDT 3 million of them.
Jarno Laatikainen, COO, zeroShadow said, “Leveraging our expertise and strong relationships with law enforcement agencies, exchanges, and projects, zeroShadow is proud to have played a key role in aiding WazirX to freeze the stolen assets and take a significant step toward recovery for affected users.”
WazirX added that its rebalancing process, finalised in January 2025, was designed to align token denominations with the platform’s liabilities. To ensure a secure and efficient realignment of asset holdings, the exchange worked closely with financial advisors, specialist brokerages, and industry experts. This milestone underscored its strategy to navigate financial recovery while ensuring transparency and efficiency for its users, it further said.
