Voting for WazirX restructuring best option for hacking-affected users: Experts

Cryptocurrency users affected by the hacking attack on WazirX in 2024 should consider voting in favour of the restructuring scheme put forward by the crypto exchange, experts told businessline. The restructuring offers a better outcome, they said, than liquidation, which is the only other alternative .
From March 19 evening to March 28 evening, crypto users affected by the $234.9 million (around ₹2,000 crore) loss last year will get to vote on how they want to recover their stolen assets. Under the restructuring scheme WazirX will refund around 85 per cent of the stolen assets using existing liquid assets and provide recovery tokens for the balance amount.
If the users vote “no” then it will go in for liquidation, in which case the recoveries will be lower.
According to Sidharth Sogani Jain, Founder of Crebaco and CEO of Blue Aster Capital, users are facing a difficult situation either way because they will have to bear a loss, either in terms of time or lose out on valuation. Talking about the liquidation alternative, he said, “The problem is that the wallet hacked was Ethereum but there were users who had bitcoins and will say they want the bitcoin equivalent value. That’s going to be a problem if the vote goes against the restructuring. Also the against option helps WazirX make money because then crypto assets considered will be as on date of hack whereas now crypto prices have gone up 35-40 per cent. So, users will not benefit from price rise of crypto.”