WazirX Prepares for Court Hearing on Restructuring and Creditor Payments
WazirX is preparing to restart operations and initiate creditor payments following a Singapore court hearing on May 13 regarding its restructuring plan. Key points include:
- The exchange's parent company, Zettai, completed preparations for the court hearing.
- The court will decide on WazirX’s restructuring and user compensation plan.
- If approved, WazirX plans to distribute funds and resume operations within 10 business days.
- A hack attributed to North Korean attackers last year led to a loss of nearly 45% of user assets from a Safe Multisig wallet.
- In a recent vote, 93.1% of creditors, holding 94.6% of $196 million in claims, supported the restructuring plan which includes issuing tradable Recovery Tokens and launching a decentralized exchange.
- WazirX's WRX tokens have shown little change over the past 24 hours.