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Extremely Unlikely WazirX Customers Will Be Made Whole in Crypto Terms: Legal Advisers
WazirX
Crypto
Hack
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Extremely Unlikely WazirX Customers Will Be Made Whole in Crypto Terms
Legal advisers have indicated that it is extremely unlikely WazirX customers will recover their full funds in cryptocurrency terms following the exchange's hack and subsequent restructuring process.
Customers will likely lose at least 43% of their funds, best case scenario being a 55%-57% return. — George Gwee, Director at Kroll
- Legal advisers state WazirX customers are unlikely to recover full funds in crypto terms after the hack.
- Customers stand to lose at least 43% of their funds, with a best case scenario being a 55%-57% return.
- The Singapore High Court will hear WazirX's request for six months' protection while it restructures its liabilities.
- WazirX lost $234 million in a hack, representing 45% of customer funds.
- The outcome depends on possible recovery methods and a resolution of the ownership dispute with Binance.
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