WazirX Faces Challenges After $234 Million Hack

Following a $234 million hack in July, WazirX customers are unlikely to recover their funds in full as the company undergoes restructuring. George Gwee, a director at Kroll, estimates that at least 43% of customer funds are lost, with the best case scenario being a 55% to 57% recovery through pro-rata distribution of remaining token assets. WazirX has sought a six-month protection period from the Singapore High Court to restructure its liabilities and has been exploring various options, including potential capital injections. However, the ongoing dispute with Binance over ownership and legal action from CoinSwitch have complicated these efforts. The hack is the largest cryptocurrency theft in India's history, and WazirX has been struggling to recover the stolen funds while proposing to socialize the losses.