WazirX Hack: Chances of Customers Getting Refunds are Very Small

Bittime - WazirX, one of the largest crypto exchanges in India, is facing a major crisis due to a hacker attack that resulted in a loss of $234 million, around 45% of total customer funds. 

WazirX Restructuring

This situation forced WazirX to undergo a restructuring process in order to save the company. 

However, according to WazirX's legal advisor, the chances for customers to recover all their funds through this restructuring process are very low.

Nischal Shetty, co-founder of WazirX, revealed in a press conference that at least 43% of customer funds may not be recovered. 

Meanwhile, George Gwee, director of restructuring firm Kroll, said that in the best case scenario, customers could only get back around 55% to 57% of their funds.

Read Also: Crypto Theft: WazirX Trading Platform Loses Over $230 Million!  

WazirX Experience Hacker Attack

In July this year, WazirX suffered a hacker attack that caused huge losses. Realizing the magnitude of this loss, WazirX stated that it could only provide customers with access to the remaining funds, which is around 55% of the total existing funds. 

This condition causes great concern among customers, especially considering the large percentage of funds lost. WazirX's legal advisor emphasized that the possibility of recovering lost funds, especially those valued in US dollars, is highly dependent on improving market conditions. 

Although WazirX promised to make every effort to close this funding gap, they also admitted that it would be very difficult to fully cover the losses that had occurred.

WazirX Recovery Effort

The Singapore High Court is scheduled to hear WazirX's request for protection for 6 months while it tries to restructure its obligations following the huge loss. 

This request was submitted by Zettai, a Singapore-based company, which is the parent of Zanmai India, the company that operates WazirX.

Nischal Shetty explained that the data currently available is temporary and may change in the next few weeks. WazirX is still in the negotiation and planning stages, with the hope of narrowing the gap in lost funds. 

Even so, customers still have to be patient and wait for the final results of this restructuring effort. Especially with it is very unlikely that WazirX will fully recover the client's funds in the form of crypto-assets. 

Read Also: The perpetrator of the crypto theft at WazirX is suspected to be a North Korean hacker   

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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