Bengaluru, February 10, 2025 — Cryptocurrency exchange WazirX announced on Monday the completion of its asset rebalancing process, a critical milestone following last year’s cyberattack attributed to North Korean hackers. The platform is now preparing to distribute tokens to its creditors, pending user approval of the proposed recovery scheme.
According to the company, the distribution process will commence within 10 business days after the scheme becomes effective, subject to court timelines. This distribution, representing approximately 85% of creditors’ balances as of July 18, 2024, will be executed in tokens. The process will move forward only after a majority of users vote “YES” for the scheme.
“We are grateful to have reached this critical milestone. Completing the rebalancing process and preparing for distribution demonstrates Zettai’s deep commitment to protecting creditor interests and restoring the trust placed in the platform,” said Nischal Shetty, Founder of WazirX. “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.”
If the scheme is approved within the expected timeframe, WazirX will have achieved one of the fastest recovery and distribution processes in the history of the crypto industry, completing the cycle in less than a year since the withdrawal freeze in July 2024.
Subsequent Distributions Planned
In addition to the initial distribution, the recovery scheme outlines subsequent distributions over the next three years. These will be funded through the realization of illiquid assets, recovery of stolen tokens, and profits generated from future operations. Future distributions will be facilitated via the purchase of Recovery Tokens issued to scheme creditors.
WazirX has also reported progress in recovering stolen assets. The company successfully froze approximately USDT 3 million in stolen assets and continues to collaborate with law enforcement agencies and blockchain forensics firm zeroShadow to trace and recover additional funds.
“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,” said Jarno Laatikainen, COO of zeroShadow.
A Transparent Rebalancing Process
The rebalancing process, finalized in January 2025, involved extensive efforts to align asset token denominations with the platform’s liabilities. WazirX worked closely with financial advisors, specialist brokerages, and professional teams to execute secure trades and realign holdings.
Jason Kardachi, Managing Director and Co-Head of Kroll’s global restructuring practice, emphasized the complexity of the process: “Aligning the value of assets with liabilities in a volatile crypto market over nearly 350 tokens, many with challenging liquidity profiles, is no small feat. The approach has maximized transparency and precision throughout, setting a new benchmark for addressing such complex challenges in the crypto industry.”
Looking Ahead
Zettai’s leadership remains focused on completing the restructuring process and delivering value to its stakeholders. With fund distributions scheduled upon majority user approval and subsequent distributions planned, WazirX aims to provide creditors with an efficient and secure pathway to recovery.