Share this article
WazirX Wins Approval From Singapore Court to Repay Users Following $230M Hack
The Court has allowed WazirX to convene a scheme meeting with users in a "significant step" to distributing funds lost in the attack
Jan 23, 2025, 4:30 p.m.
Make us preferred on Google
What to know:
- WazirX has won approval from the Singapore High Court to restructure following last year's $230 million hack.
- The Court has found that there was no evidence of wrongdoing by WazirX in the attack
- Should the restructuring plan be approved, funds would then be distributed to creditors within 10 business days.
Indian cryptocurrency exchange WazirX has won approval from the Singapore High Court to restructure after the $230 million hack last year.
The High Court has allowed WazirX to convene a scheme meeting with users in a "significant step" towards distributing funds lost in the attack and reviving the platform's operations, the exchange announced via email on Thursday.
STORY CONTINUES BELOW
Should the restructuring plan be approved, funds would then be distributed to creditors within 10 business days.
WazirX was hacked by attackers by the North Korean group Lazarus in July, which over 45% of the exchange's $500 million in holdings stolen. Over the ensuing months, the hackers laundered their ill-gotten gains using privacy-focused crypto mixer Tornado Cash.
The Court has found that there was no evidence of wrongdoing by WazirX in the attack, despite suggestions from some users that WazirX's parent company Zettai had some involvement.
Read More: More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid
More For You
SEC makes quiet shift to brokers' stablecoin holdings that may pack big results
The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital.
What to know:
- The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
- The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.
Top Stories
