Nischal Shetty reported the net liquid assets held in the hand of the WazirX crypto exchange, ready for distribution to the WazirX creditors.
Summary
- WazirX crypto exchange reported net liquid funds.
- Voting on the exchange’s Restructuring Scheme has been started.
WazirX is currently India’s top struggling crypto exchange. In July 2024, this crypto platform’s cold wallet was hacked by the North Korean hacking group, Lazarus. Hackers drained $234.9 million worth of cryptocurrencies, nearly 45% of WazirX’s customer fund. Five days later, the WazirX exchange suspended its crypto trading services. Currently, the exchange has been going through a customer vote process to get approval to follow the Exchange Restructuring Scheme.
On 20 March 2025, Nischal Shetty, the CEO of the WazirX exchange, informed the WazirX customers about the latest independent third-party verification of crypto assets and liabilities.
Alvarez & Marsal confirmed $478.5 million in net liquid assets by the exchange. All these funds are under the custody of Zodia and Bitgo.
Shetty said that more information is coming to maintain a better level of transparency with the WazirX customers.
WazirX Restructuring Scheme Voting
Voting on the WazirX Restructuring Scheme started on 19 March & it will remain open for all the WazirX customers up to 28 March to vote yes/no for the scheme.
Four days ago, the WazirX team shared a step-by-step video to guide people on how to vote.
Here, the Bitcoinik.com team would like to suggest all the WazirX creditors vote Yes because voting against the restructuring scheme will result in a very long process of the exchange’s business liquidation, and surely it will end up in a very big loss for the WazirX customers who are frustrated to get their funds back.
Here our suggestion for the WazirX creditors is not biased or in support of the WazirX exchange. Instead, it’s based on our deep analysis, where we found that voting against the scheme is not going to bring a better situation for the exchange as well as customers.
Over the last 5-6 months, many crypto influencers slammed the WazirX leadership for the restructuring scheme, calling it the wise misuse of laws & rules against the customers.
We also believe that the Restructuring Scheme is controversial & favouring only WazirX’s crypto business model growth and significant delay as well as loss for the customers, who lost their funds.
WazirX’s Crypto Custody Custodian
Before the hacking incident, Liminal Custody was the crypto custody custodian for WazirX. After the hacking incident, WazirX leadership & Liminal Custody executives played a blame game against each other.
To maintain a better level of safety for the funds, the exchange partnered with the top two crypto custody providers, namely Zodia & BitGo.
On 17 March 2025, WazirX announced a partnership with Zodia.
On 21 March 2025, WazirX announced its partnership with BitGo, another crypto custodian & payment processor, to manage the company’s digital assets transactions with enhanced safety & security.
Read also: US SEC Says POW Crypto Mining Does Not Constitute Securities Offerings
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
