Singapore Court Approves WazirX Restructuring After $230M Hack

Singapore’s High Court approved Zettai Pte. Ltd.’s restructuring scheme, allowing Indian crypto exchange WazirX to reopen.
The plan received 95.7% creditor approval by number and 94.6% by value in an August re-vote.
WazirX aims to restart operations within 10 business days once the scheme is legally effective, potentially resuming by the end of October.
Users impacted by the hack should regain platform access and see initial distributions soon after reopening.
WazirX will collaborate with U.S. custodian BitGo for enhanced asset protection, meeting new regulatory and security standards.
The refund plan includes launching a decentralized exchange (DEX), issuing recovery tokens, and conducting periodic buybacks using profits.
In July 2024, a Lazarus Group-led breach resulted in over $230 million lost due to a private key interception, attributed to custody provider Liminal, though Liminal contested this claim.
The stolen funds were laundered through Tornado Cash, complicating recovery efforts, as reported by CoinDesk.
Efforts to recover the funds have been met with limited success.