The exchange shared that it had successfully recovered nearly 20% of the stolen assets. About 24,000 creditors are now in line to be made whole.Rehabilitation Trustee had earlier offered hope to the exchange’s creditors, with a deadline of October 31, 2023 for the Base Repayment, the Early Lump-Sum Repayment, and the Intermediate Repayment. However, a letter from September 21 makes it clear that the deadline has been pushed to 2024 and creditors may have to wait longer than expected.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
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