WazirX Receives Court Approval for Restructuring After Major Hack
- Singapore’s High Court approved Zettai Pte. Ltd.’s restructuring scheme for WazirX.
- 95.7% of creditors by number and 94.6% by value supported the restructuring plan.
- WazirX aims to restart operations within ten business days after the scheme is legally effective.
- Users affected by a $230 million hack in July are expected to regain access shortly after the relaunch.
- The exchange plans to partner with U.S.-based BitGo for enhanced asset protection.
The court-sanctioned restructuring allows WazirX to recover from a significant security breach attributed to the Lazarus Group, which involved private key interception and fund laundering through Tornado Cash. The exchange’s plan includes launching a decentralized exchange (DEX) and issuing recovery tokens as part of its refund strategy.
With over $230 million lost in the hack, WazirX’s upcoming relaunch could mark a significant recovery step for affected users and the platform itself, enhancing trust through new security measures.(Source)
