Sun Feb 09 16:40:00 UTC 2025: ## WazirX Creditors Face April 2025 Payout or Lengthy Liquidation Process
**Singapore, [Date]** – Creditors of the hacked Indian cryptocurrency exchange WazirX face a crucial decision that will determine whether they receive their stolen funds as early as April 2025 or face a potentially lengthy liquidation process that could stretch into 2030. A vote on WazirX’s restructuring plan is scheduled in the coming weeks.
The plan, approved by a Singapore court in January, hinges on a majority (over 75% by value) of creditors voting in favor. Approval would initiate a process to return funds within 10 business days of the scheme’s activation in April 2025. This includes distributing net liquid assets and launching a decentralized exchange (DEX) alongside recovery tokens. The platform also plans periodic buybacks of these tokens using profits.
However, rejection of the plan would trigger liquidation under Singapore’s Companies Act, potentially leading to a fire sale of assets and significantly lower payouts for creditors due to delayed recovery and reduced asset values.
WazirX, once India’s largest crypto exchange, was targeted by North Korean hackers in July 2024, resulting in the theft of over $230 million in user funds. The stolen funds were subsequently laundered, further complicating recovery efforts.
The exchange has faced criticism over its handling of the crisis, particularly regarding communication and the recovery process. The upcoming vote represents a critical juncture for WazirX and its creditors, shaping the future of the platform and the fate of the stolen cryptocurrency.
First Piper 