Indian crypto exchange WazirX has received approval from the Singapore High Court for its restructured recovery plan, marking a significant milestone in its journey to rebound from a $234 million hack in July 2024. The court’s decision allows WazirX to move forward with relaunching its platform and compensating affected users.
WazirX Recovery Plan
The approval came after WazirX’s Singapore-based entity, Zettai Pte Ltd., proposed a restructuring scheme that was backed by over 95% of creditors. The plan aims to recover approximately 85% of lost funds, with an immediate distribution of 52% in liquid crypto and the remainder in new Recovery Tokens (RTs).
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Following the court’s sanction, Zettai will file the order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), completing a crucial step before the exchange’s relaunch. WazirX has announced that trading operations will resume within 10 business days post-filing.
WazirX Eyes Swift Recovery
The July 2024 hack, linked to North Korean hackers, forced WazirX to pause withdrawals and prompted a comprehensive recovery framework. The court’s approval underscores a growing maturity in the crypto sector, where structured recovery efforts are essential for rebuilding trust.
While WazirX founder Nischal Shetty expressed optimism about a swift restart, some experts suggest that users might wait two to three months for full compensation. Despite this, the court’s decision is a positive step towards restoring operations and user confidence.
*This article is for informational purposes only and should not be considered financial advice.*
