Singapore court approves next step in Crypto Exchange Wazirx payment process after massive $230,000,000 hack

Crypto exchange Indian-only Wazirx has received approval from the Singapore High Court to pool with its users in a bid to address debts and recoveries after a costly cyberattack last year.

In July, North Korean group Lazarus hacked Wazirx and stole more than $230 million in assets, with the massive loss prompting the suspension of withdrawals from its platform.

In new statementWazirx says the court decided to allow Singapore-based Zettai to conduct a meeting and propose a scheme of arrangement to creditors.

The main components of the scheme include a debt restructuring framework, token distribution, issuance of redemption tokens, reactivation of the Wazirx platform and a profit sharing structure.

Wazir says the development represents an important step in Zettai’s efforts to distribute user assets and revive the platform’s operations.

Wazirx founder Nischal Shetty says,

“I thank the court for granting us leave to hold the scheme meeting and recognizing our efforts. We are leaving no stone unturned to facilitate recovery for users at the earliest and appeal to users to vote in favor of the scheme.”

The meeting will be held online and creditors will be given the opportunity to vote on the proposed scheme.

“Zettai believes that the proposed scheme represents the most efficient and fair path towards resolution for all platform users and strongly encourages platform users to support the scheme, as it provides enhanced recovery potential compared to alternative scenarios.”

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Image created by: Midjourney