WazirX Nears Comeback as Singapore Court Sets May Hearing on $234M Restructuring Plan
WazirX plans to resume operations and make initial payments to creditors following a court hearing in Singapore on May 13. The parent company, Zettai, has completed necessary steps for the hearing, which will determine approval of its restructuring and user compensation scheme. If approved, the first distribution and relaunch will occur within 10 business days. WazirX suffered a significant hack in July 2024, losing approximately $234.9 million, attributed to North Korean state actors, leading to frozen user withdrawals. In 2024, $2.2 billion in crypto was stolen, with North Korea responsible for 61% of the thefts. A recent vote showed 93.1% of creditors approved the restructuring plan, which includes issuing Recovery Tokens and launching a decentralized exchange. Without court approval, repayments could be delayed until 2030.
