Leading Indian Crypto Exchange Plans to Issue Recovery Tokens

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In Summary

  • WazirX plans to issue Recovery Tokens (RT) to distribute recovered assets to users after a $234 million security breach in June 2024
  • Founder Nischal Shetty stated that the tokens will be listed based on user interest and issued pro-rata for approved creditor claims
  • This initiative aims to provide liquidity and expand the token’s market presence while being one of the quickest recovery processes in history
  • The “creditors-first” approach focuses on maximizing recoveries and aligning long-term value with market opportunities


Catenaa, Friday, February 21, 2025 – WazirX, the Indian crypto exchange, prepares to issue Recovery Tokens (RT) for its users, reports said.

The strategic approach aims to distribute recovered assets to the users.

In June 2024, WazirX experienced a security breach, losing its $234 million in a series of suspicious transactions, last year reports revealed.

Nischal Shetty, the founder at WazirX, said that the tokens will be listed for trading concerning user interest.

It is reported that RT will be issued on a pro-rata basis based on the approved claims of the creditors.

This would pave the path for liquidity and wide spreading of the token within the market.

Remarkably, this recovery token issuance becomes one of the fastest distribution processes in history made via a scheme of arrangement.

“This creditors-first approach is designed to maximize recoveries and align long-term value with market opportunities.” 1

Sources
  1. Indian Crypto Exchange: https://x.com/WazirXIndia/status/1868911122520416400[↩]
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