WazirX Gains Court Approval for Compensation to Hack Victims
- WazirX received approval from the Singapore High Court for its restructuring plan.
- Over 150,000 users affected by a hack will receive compensation.
- The total loss from the hack was approximately $234 million.
- Compensation will be facilitated through a tokenized mechanism.
- Payouts are expected to begin in two to three months after court approval.
The approval allows WazirX to move forward with compensating users affected by a significant security breach linked to the North Korean hacking group, Lazarus. This incident underscores the importance of robust security measures in the cryptocurrency sector.
With over 150,000 users set to receive compensation for losses totaling approximately $234 million, WazirX’s restructuring could influence future crisis management strategies in the cryptocurrency market.
