Nischal Shetty reported the net assets of liquid held in the hand of Wazirx cryptography exchange, ready for distribution to Wazirx creditors.
Summary
- Wazirx Crypto Exchange reported net liquid funds.
- The vote of the exchange restructuring scheme has begun.
Wazirx is currently the best cryptography exchange in India. In July 2024, the cold wallet of this cryptographic platform was pirated by the North Korean piracy group, Lázaro. Computer pirates exhausted cryptocurrencies worth $ 234.9 million, almost 45% of the Wazirx client fund. Five days later, the Wazirx Exchange suspended its cryptography trade services. Currently, the exchange has been going through a customer voting process to obtain approval to follow the exchange restructuring scheme.
On March 20, 2025, Nischal Shetty, the Wazirx Exchange CEO, informed Wazirx customers about the last independent verification of third parties of cryptographic assets and liabilities.
Álvarez and 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 more information is coming to maintain a better level of transparency with Wazirx customers.
Wazirx restructuring scheme vote
Voting about the Wazirx restructuring scheme began on March 19 and will remain open for all Wazirx customers until March 28 to vote yes/not for the scheme.
Four days ago, the Wazirx team shared a step by step to guide people on how to vote.
Here, the Bitcoinik.com team wishes to suggest that all Wazirx vote creditors yes because vote against the restructuring scheme will result in a very long process of the commercial settlement of the exchange, and will surely end in a great loss for Wazirx customers who are frustrated to recover their funds.
Here, our suggestion for Wazirx creditors is not biased or in support of the Wazirx exchange. On the other hand, it is based on our deep analysis, where we find that voting against the scheme will not bring a better situation for exchange and customers.
In the last 5-6 months, many cryptographic influencers criticized Wazirx’s leadership by the restructuring scheme, qualifying it as misuse of laws and rules against customers.
We also believe that the restructuring scheme is controversial and favors only the growth of the Wazirx cryptographic business model and significant delay, as well as the loss for customers, who lost their funds.
Wazirx cryptographic custody custodian
Before the piracy incident, liminal custody was the custody of the custody of Wazirx cryptography. After the piracy incident, Wazirx’s liminal leadership and custody executives played a guilt game with each other.
To maintain a better safety level for the funds, the exchange was associated with the two main suppliers of cryptographic custody, namely Zodia & Bitgo.
On March 17, 2025, Wazirx announced an association with Zodia.
On March 21, 2025, Wazirx announced its association with Bitgo, another cryptographic custodian and payment processor, to administer the company’s digital asset transactions with greater security and safety.
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