WazirX confirms restart on track as it awaits sanction hearing in May
Summary
WazirX, an Indian crypto exchange, plans to restart operations pending a May 13 court decision on its restructuring proposal and user compensation plan after a $234 million hack attributed to North Korean hackers in July 2024. If approved by Singapore’s High Court, WazirX can resume operations and initiate compensation within 10 business days. Over 90% of voting creditors supported the restructuring plan, which includes recovery tokens that could reimburse 75% to 80% of users' account balances at the time of the hack. A Supreme Court of India ruling dismissed a petition from 54 victims seeking legal action against WazirX and related parties, advising them to approach a regulatory body instead.
