WazirX Prepares for May Court Hearing on Restructuring and Compensation Plan Approval
WazirX, the cryptocurrency exchange that suffered a massive $234.9 million hack last year, is preparing for a critical court hearing in Singapore on May 13, where the court will decide whether to approve the exchange’s restructuring and compensation plan for affected users.
The exchange’s Singapore-based parent company, Zettai, confirmed that all preparations for the upcoming hearing have been completed. If the court approves the restructuring plan, WazirX aims to restart operations and begin compensating creditors and users within 10 business days of the court’s decision.
“As we continue to follow the established timelines, we understand that the legal process must take its course. Upon sanctioning of the Scheme, we will begin the First Distribution and platform restart within 10 business days, as originally planned,” WazirX shared in a post on X.
The hack, attributed to North Korean hackers, led to the loss of nearly 45% of user assets from a Safe Multisig wallet, forcing the platform to suspend withdrawals and submit a plan to recover some of the lost assets.
Earlier this month, a vote showed overwhelming support for the restructuring plan, with 93.1% of creditors holding 94.6% of the $196 million in approved claims voting in favor. The plan includes issuing tradable Recovery Tokens with periodic buybacks and launching a decentralized exchange to help users recover their assets.
WazirX’s WRX token has seen minimal changes over the past 24 hours.
