WazirX CEO Nischal Shetty Reveals New Recovery Plan After $230M Hack

WazirX CEO Nischal Shetty announced a revised recovery plan after a $230 million hack in July 2024. The original plan was rejected by the Singapore High Court due to regulatory concerns. The court is now willing to reconsider if creditors vote again on a new proposal. The key change involves Zanmai, an Indian firm already running INR-crypto trading pairs on WazirX, handling fund distribution instead of Zettai, a Singapore-based entity. Zanmai's registration with Indian regulators could ease compliance issues. If the vote passes, fund distribution could begin within weeks. The hack damaged WazirX's credibility, and users have expressed frustration with the exchange's handling of the situation. The upcoming vote will determine whether WazirX can move forward with the recovery plan.