Singapore Court Approves Next Step in Crypto Exchange WazirX’s Repayment Process After Massive $230,000,000 Hack

Indian crypto exchange WazirX has just secured the approval of the Singapore High Court to convene with its users in a bid to address debts and recover following a costly cyberattack last year.

In July, the North Korean Lazarus group hacked WazirX and stole more than $230 million worth of assets, the massive loss prompted the exchange to suspend withdrawals from its platform.

In a new statement, WazirX says that the court decided to allow its Singapore-based parent company Zettai to conduct a meeting and propose an arrangement scheme to creditors.

The key components of the scheme include a debt restructuring framework, token distribution, issuance of recovery tokens, reactivation of the WazirX platform and profit-sharing structure.

Wazir says the development marks a significant step in Zettai’s efforts to distribute user assets and revive the operations of the platform.

Says WazirX founder Nischal Shetty,

“I thank the court for granting us leave to convene the scheme meeting and for acknowledging our efforts. We are leaving no stone unturned to facilitate recovery to the users at the earliest and appeal to the users to vote in favor of the scheme.” 

The meeting will be held online and creditors will be given the opportunity to vote on the proposed scheme.

“Zettai believes that the proposed Scheme represents the most efficient and equitable path toward resolution for all platform users and strongly encourages platform users to support the Scheme, as it offers the potential for enhanced recoveries compared to alternative scenarios.”

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