Creditors of Indian crypto exchange WazirX have approved a comprehensive restructuring plan in the aftermath of a major hack that compromised user assets and disrupted operations. The move marks a key step in the platform’s efforts to regain stability and restore user trust.
The approved plan includes a phased compensation model for affected users, enhanced cybersecurity measures, and operational overhauls aimed at preventing future breaches. WazirX has also committed to tighter compliance protocols and increased transparency in its internal controls.
The hack, which resulted in significant financial losses and regulatory scrutiny, had raised concerns over the exchange’s ability to recover. With creditor backing now secured, WazirX is expected to resume full services in the coming weeks, pending the rollout of its new safeguards.
Company leadership expressed confidence that the restructuring will not only address immediate fallout but also set the stage for long-term resilience. The exchange emphasized its commitment to user protection and regulatory cooperation as it navigates the recovery process.
The decision by creditors to move forward with the plan reflects cautious optimism about WazirX’s path to recovery and underscores the growing importance of robust governance in the crypto exchange sector.
