WazirX looks for white knight; users set to lose 43% funds

Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure.

- SHIVANI SHINDE

At a virtual press conference, the firm's advisor said at best the company might look to return 55-57 per cent of the money.

"This is what can be returned to users with the benefit of this restructuring," said Jason Kardachi, managing director (restructuring), Kroll.

The Indian crypto currency platform also said it was restructuring and as part of that it was looking for a white knight to provide capital and pursue partnership and collaboration.

This would entail implementing revenue-generating products and mechanisms to share profit with users, tracing and recovering stolen crypto assets, and/or allowing users who need liquidity urgently to withdraw crypto assets more quickly and exit restructuring. This allows users willing to stay in restructuring to receive higher recoveries, said the company.