After the recent hack of Rs 2000 crore in 18th July, 2024, WazirX has introduced a creditor-approved, court-sanctioned scheme to rebalance Net Liquid Assets, ensuring a fair value allocation among Scheme Creditors. This initiative aims to maximize recoveries and deliver much-needed support to the Creditors.

In the Fifth Town Hall that was held on 19th December, 2024, WazirX has announced that Scheme Creditors can expect their first distribution of rebalanced Liquid Platform Assets within 10 business days, with distributions made in tokens. This timely response underscores the commitment to restoring value to Scheme Creditors.

WazirX has also answered the most asked question in the last few weeks over withdrawals of funds. According to the Town Hall, to facilitate a smooth withdrawal process, all distributions under the scheme will adhere to strict KYC and risk management requirements. This ensures that the recovery process is not only efficient but also secure, providing creditors with the confidence they need as they navigate this new landscape. 

Another critical feature of the scheme is Recovery Tokens (RTs), which will enable the company to distribute further recoveries from surpluses and the liquidation of Illiquid Wallet and Stolen Assets. This innovative approach allows creditors to capture potential market upside. The company plans to offer quarterly purchases of RTs, contingent upon net recoveries exceeding USD 10 million; any shortfall will roll over for future assessment.

Additionally, the company is exploring future trading functionality for RTs, promising greater flexibility for creditors moving forward. The scheme represents a proactive approach to recovery, signaling a brighter outlook for all involved.