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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
Updated Jan 23, 2025, 4:30 p.m. Published Jan 23, 2025, 4:30 p.m.
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.
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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
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