Türkçe
Español
The Indian-based cryptocurrency exchange, WazirX, is gearing up to resume operations following a significant hack that resulted in a loss of over $230 million last year. However, the platform’s relaunch is contingent on a ruling expected from the Singapore High Court on May 13. If the court approves WazirX’s restructuring plan and compensation proposals for users, the platform could reopen within ten business days. Zettai, the Singapore-based entity affiliated with WazirX, has confirmed that all necessary steps have been completed.
Zettai’s Restructuring Plan Submitted for Court Approval
WazirX revealed that its multi-signature wallets were targeted in the hack that occurred in July 2024, leading to the theft of assets exceeding $230 million. Investigations launched after the attack identified the North Korea-linked Lazarus Group as responsible. This same group was previously connected to the $1.4 billion theft from the Bybit exchange. It was also discovered that some of the stolen assets were laundered through cryptocurrency mixers.
In response to the attack, Zettai prepared a restructuring plan to protect users and maintain operations. In an early April vote, 93.1% of creditors supported the plan, representing 94.6% of the total claim value. Under this plan, users are expected to recover approximately 85.3% of their losses, in addition to the distribution of new coins termed “Recovery Tokens” to enhance value recovery.
If Court Approval is Granted, the Process Will Accelerate
In a statement made in February, WazirX emphasized that judicial investigations and legal proceedings aimed at recovering the lost assets are ongoing. These processes are expected to proceed concurrently with the restructuring plan. The cryptocurrency exchange is also working to resolve the non-liquid portion of user funds over time.
WazirX announced that following court approval, the initial distributions to users and the reopening of the exchange would occur within ten business days. However, the company acknowledged that the court process is beyond its control and stated that it will respect whatever decision the court makes.
With all these developments, concerns arise regarding how effectively the exchange can return to its previous operations and whether users will regain trust.
