Extremely Unlikely WazirX Customers Will Be Made Whole in Crypto Terms: Legal Advisers

• WazirX customers are unlikely to be made whole in crypto terms, the crypto exchange's legal advisers said on Monday.
• In terms of U.S. dollar recoveries, recovery is possible if the market improves.
• On Tuesday, the Singapore High Court will hear WazirX's request for six months' protection while it restructures its liabilities after losing $234 million to a hack in July.

It is extremely unlikely WazirX customers will be made whole in crypto terms through the restructuring process, legal advisers to the hacked Indian cryptocurrency exchange said.

On a conference call with journalists that included WazirX co-founder Nischal Shetty on Monday, the advisers said under the current situation at least 43% of the money any customer had in WazirX is unlikely to be recovered.

The best case scenario is a return of anywhere between 55% and 57% of the funds, said George Gwee, a director at restructuring experts Kroll.

On Tuesday, the Singapore High Court will hear WazirX's request for six months' protection while it restructures its liabilities after losing $234 million to a hack in July. The request was made by Singapore-incorporated Zettai Pte, whose subsidiary Zanmai India operates the exchange.

Given the hacked amount was 45% of the customer funds, the company has previously indicated it will only able to give access to the remaining 55% of funds to its customers.

Read More: WazirX Asks Singapore Court for 6 Months to Restructure Liabilities as CoinSwitch Weighs Legal Action