WazirX Restructuring Nears Final Hurdle with May 13 Court Hearing Date
- WazirX awaits May 13 court ruling to restart services after $234M hack.
- 93% of creditors approved WazirX’s restructuring and compensation plan.
- Platform reactivation expected within 10 days if Singapore court approves.
Indian cryptocurrency exchange WazirX is on course to restart operations as it awaits a final decision from Singapore’s High Court on May 13. The ruling will determine whether the exchange’s proposed restructuring and user compensation plan can proceed, nearly one year after the platform suffered a $234 million security breach attributed to North Korean hackers.
An April 21st WazirX statement confirmed its restart process hinges entirely on this court approval. If granted, holding company Zettai PTE Ltd will reactivate the platform and begin user compensation within ten business days of the ruling.
The Hack, Market Context, and Creditor Plan
WazirX disclosed its Safe Multisig wallet was compromised in July 2024, losing nearly 45% of exchange holdings. The breach immediately halted cryptocurrency and Indian rupee withdrawals, affecting a large portion of the exchange�…
The post WazirX Restructuring Nears Final Hurdle with May 13 Court Hearing Date appeared first on Coin Edition.
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WazirX Restructuring Nears Final Hurdle with May 13 Court Hearing Date
- WazirX awaits May 13 court ruling to restart services after $234M hack.
- 93% of creditors approved WazirX’s restructuring and compensation plan.
- Platform reactivation expected within 10 days if Singapore court approves.
Indian cryptocurrency exchange WazirX is on course to restart operations as it awaits a final decision from Singapore’s High Court on May 13. The ruling will determine whether the exchange’s proposed restructuring and user compensation plan can proceed, nearly one year after the platform suffered a $234 million security breach attributed to North Korean hackers.
An April 21st WazirX statement confirmed its restart process hinges entirely on this court approval. If granted, holding company Zettai PTE Ltd will reactivate the platform and begin user compensation within ten business days of the ruling.
The Hack, Market Context, and Creditor Plan
WazirX disclosed its Safe Multisig wallet was compromised in July 2024, losing nearly 45% of exchange holdings. The breach immediately halted cryptocurrency and Indian rupee withdrawals, affecting a large portion of the exchange�…
The post WazirX Restructuring Nears Final Hurdle with May 13 Court Hearing Date appeared first on Coin Edition.
Read More
Cyber Crime Syndicates Expand Beyond Southeast Asia, UN Warns of Global Threat