In short
- The Supreme Court of Singapore will discuss the Wazirx restructuring and compensation plan on 13 May.
- It follows a hack in July 2024 that has emptied almost half of the assets of the platform.
- Earlier this month, creditors approved a recovery plan with 93% votes.
Wazirx, the crypto exchange last year, paralyzed by a huge hack, said that it will be on schedule to resume activities and make his first payments to creditors after a court session in Singapore next month.
The company announced on Monday that her parent company, Zettai, completed all the necessary steps that were completed in the Supreme Court of Singapore prior to a hearing of 13 May, where Zettai is located.
The court will decide whether the company’s restructuring and user compensation scheme approve.
“Although we have worked to remain in accordance with the previously shared timelines, legal proceedings work independently and we respect that process,” Wazirx said in a statement about X.
It added that, if approved by the court, the first distribution and again launch will take place within 10 working days after the commencement date of the scheme.
The hearing marks the final step in the recovery efforts of Wazirx after it had suffered one of the greatest crypto raids of 2024. In July, Hackers stolen around $ 234.9 million in digital assets – almost 45% of the interests of the platform – of a safe multisig walk.
The attack, attributed to North Korean state actors, resulted in the user’s exchange development and was concerned about the crypto sector of India, where the majority of its users is established.
Wazirx was the victim of the attack during a bumper year for hackers and crypto thieves. According to around $ 2.2 billion in Crypto, it was stolen in 2024, according to Chain salysisAn increase of 21% compared to the previous year.
About $ 1.34 billion in theft over 47 incidents was attributed to Noord -Korea, which represents 61% of the stolen amount.
The next step before Wazirx will be the ruling of the Singaporean court on the approval of the Wazirx restructuring plan. In an important vote earlier this month, 93.1% of the creditors approved The Wazirx restructuring plan, which represents 94.6%.
A total of 141,476 creditors who represent almost $ 196 million in approved claims took part in the vote. Nisqual Shetty, founder of Wazirx, said that he was “grateful for the strong voice of trust”.
The plan includes the issue of recovery tokens, which will be tradable and are subject to periodic purchase. Wazirx is also planning to launch a decentralized exchange.
The company previously warned that the reimbursements could be postponed without approval until 2030 due to legal and logistical uncertainties.
Edited by Sebastian Sincliar
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