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WazirX to Get Day in Court Next Month, With Payouts After 10 Days If Recovery Plan is Approved
The exchange has wrapped up all prep work for the hearing, where the court will decide on approving WazirX’s restructuring and user compensation plan.
Apr 22, 2025, 7:06 a.m.
What to know:
- WazirX plans to restart operations and begin creditor payments after a crucial Singapore court hearing on May 13.
- The exchange's parent company, Zettai, has completed preparations for the court's decision on the restructuring and compensation plan.
- A North Korean attack last year resulted in a loss of nearly 45% of user assets, prompting a restructuring plan backed by 93.1% of creditors.
WazirX, the crypto exchange hit hard by a $234.9 million hack last year, says it’s gearing up to restart operations and begin creditor payments after a key Singapore court hearing on May 13.
The exchange’s Singapore-based parent company, Zettai, has wrapped up all prep work for the hearing, where the court will decide on approving WazirX’s restructuring and user compensation plan.
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“While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier,” WazirX said in an X post.
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A North Korean attack on WazirX last year wiped out nearly 45% of user assets from a Safe Multisig wallet, forcing the platform to halt withdrawals and file a restructuring plan to partly return assets.
Earlier this month, 93.1% of creditors — holding 94.6% of the $196 million in approved claims — backed the restructuring plan in a vote. The plan involves issuing tradable Recovery Tokens with periodic buybacks and launching a decentralized exchange.
WazirX's WRX tokens are little-changed in the past 24 hours.
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