The cryptocurrency exchange WazirX has finally received approval from the Singapore High Court for its restructuring plan, paving the way for user compensation following last year's $234 million hacking incident.
The court's decision came weeks after creditors supported the revised proposal. This approval allows WazirX to begin the next phase of its recovery process, including token-based fund distribution and the resumption of exchange operations.
"Thank you to everyone who supported us during WazirX's difficult times. The Singapore High Court has approved the plan," WazirX founder Nischal Shetty posted on the X platform. "It is your support and care that made this possible."
The court's approval marks a milestone for the India-based exchange, which has spent over a year dealing with legal hurdles to return funds to more than 150,000 users.
WazirX lost approximately $234 million in crypto assets in July 2024 due to a vulnerability in the Safe multi-signature wallet, which forced the exchange to suspend withdrawals on the platform.
The attack was later believed to be linked to North Korean hackers, as analysts observed similar techniques frequently used by the Lazarus hacking group.
In April, WazirX creditors approved a similar plan, after the exchange informed users that failure to approve could delay compensation until 2030.
However, the Singapore High Court did not approve the proposal, citing concerns about how the recovery tokens intended for user compensation would be affected by the proposed regulatory framework for digital token service providers.
With the latest developments, users are closer to seeing their funds return after waiting for more than a year.
On August 20, Shetty stated that following the court's approval, the exchange would restart, and users could receive their funds within 10 days after the plan takes effect.
While Shetty seems optimistic about a quick turnaround, George Gwee, a director at the restructuring firm Kroll working with WazirX, indicated that users might need to wait two to three months after approval to finally receive their funds.
As of the time of writing, WazirX has not released any clear estimates on when compensation will begin.
Cointelegraph reached out to WazirX for clarification but did not receive a response by the time of publication.
Related: $120,000 or the end of the bull market? This week's top five Bitcoin (BTC) highlights
Original article: “Singapore Court Approves WazirX's Restructuring Plan After $234 Million Hack”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
