- WazirX made a recent announcement about wallet migration as part of its fund recovery process.
- The cryptocurrency exchange was hacked in July 2024 and funds haven’t been recovered yet.
The crypto market has once again been swooned by WazirX’s latest update. The July 2024 hacked exchange is yet to set its fund recovery scheme into motion. Since the hack last year, the exchange has announced several steps and updates, but the lack of fund recovery has caused investors to become restless.
In the past month, WazirX shared updates about a Scheme as part of its Restructuring process. The Scheme extensively focuses on fund recovery as per reports. In the case of an approval of the Scheme from the Singapore government, WazirX estimates that traders could start trading soon.
This past day’s update was the initiation and progress of wallet migration. WazirX is currently shifting its funds from its cold wallets to other wallets to improve fund management, accessibility, and efficiency.
After this announcement, questions about a fast-approaching fund recovery raised among community members. However, the wallet migration could be stated as an operational step forward rather than a giant leap towards funds being recovered.
Over the past few months, WazirX has been moving around with legal procedures in its restructuring process. The process received official approval only in January 2025, after which it went forward to pose an option for users. Investors who lost the $234 million worth of funds chose between waiting for a retrieval process that would last till 2030.
The exchange mentioned another option for a quicker recovery process, in the case of the aforementioned scheme’s approval. Although the cryptocurrency exchange has been making several announcements, the lack of quick actions is making investors impatient.
The recent update of funds migration is one of the many operational steps that WazirX is taking towards fund recovery. In the case of the scheme’s approval, we could expect retrieval to occur faster.
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