WazirX Sponsors Mumbai Summit as Future Buyback Depends on $10 Million Threshold

WazirX will sponsor a Mumbai crypto summit next month as further creditor recovery from its 2024 $235 million hack depends on a conditional Recovery Token buyback process.

The exchange is one of four Silver sponsors of Unchained Summit India, a two-day event at the Courtyard by Marriott Mumbai International Airport. WazirX Vice President Rajagopal Menon is listed as a speaker at the summit and India Blockchain Week. That conference is scheduled for Nov. 1-2 at Fairmont Mumbai, ahead of the summit on Nov. 5-6.

The July 18, 2024, theft targeted a multisignature wallet WazirX used under a custody arrangement with Liminal. The United States and South Korea attributed the $235 million theft to North Korea.

The Singapore High Court sanctioned Zettai Pte. Ltd.’s restructuring scheme on Oct. 13, 2025, and it took effect Oct. 15. WazirX reopened on Oct. 24. The first distribution represented about 85% of approved claims when valued at the reference token pricing date and was completed within 10 business days of reopening.

Eligible users received Recovery Tokens on Jan. 9, 2026. The initial distribution and token allocation were separate stages of the scheme. Recovery Tokens represent proportional claims on potential future recoveries and platform profits; they were not tradable when allocated.

The scheme provides for 1 billion Recovery Tokens and lists total claims of $546 million as of July 18, 2024. Future buybacks are considered when at least $10 million in unencumbered value is realized during a recurring three-month period. Smaller amounts carry forward, and the process also depends on sufficient profits and recoveries.

As of Sept. 7, no specific buyback date or amount had been announced. Futures trading had not reached the level needed to generate substantial profits.