WazirX Prepares for Key Court Hearing on May 13 to Approve Restructuring and User Compensation Plan
WazirX, the cryptocurrency exchange that suffered a devastating $234.9 million hack last year, is preparing to restart operations and initiate creditor payments following an important Singapore court hearing scheduled for May 13.
The exchange’s parent company, Zettai, based in Singapore, has completed all necessary preparations ahead of the hearing, where the court will decide whether to approve WazirX’s restructuring plan and its plan for compensating affected users.
“We have worked diligently to align with the timelines previously shared, but we acknowledge that court proceedings are independent and must follow their own course,” WazirX stated in a post on X. “Once the Scheme is approved, the First Distribution and platform restart will take place within 10 business days from the Effective Scheme Date, as outlined.”
The hack, attributed to a North Korean attack, compromised almost 45% of user assets stored in a Safe Multisig wallet, prompting WazirX to suspend withdrawals and file for restructuring in an effort to recover and return some assets to users.
Earlier this month, 93.1% of creditors, holding 94.6% of the $196 million in approved claims, voted in favor of the proposed restructuring plan. The plan includes the issuance of tradable Recovery Tokens, which will be subject to periodic buybacks, and the launch of a decentralized exchange.
WazirX’s WRX tokens have shown little movement over the past 24 hours.
