Singapore High Court Greenlights Crypto Exchange WazirX’s Restructuring Scheme Following Last Year’s Massive $230,000,000 Hack
The Indian crypto exchange WazirX says it is now on the verge of restarting after Singapore’s High Court greenlit its restructuring scheme following a $230 million hack on the platform last year.
Zettai Pte Ltd, the company that operates WazirX, proposed the scheme, which was approved by 95.7% of voting creditors in August.
The company now plans to file the court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), and WazirX founder Nischal Shetty says the exchange intends to restart within 10 business days of the scheme becoming effective.
WazirX also notes that it partnered with BitGo, a digital asset infrastructure firm and custodian, to strengthen the security of its funds.
A hacker plundered more than $230 million worth of digital assets from the exchange in July 2024 and has been laundering the stolen crypto through the mixing platform Tornado Cash.
In August 2024, WazirX announced it was going to roll back all trades and restore all associated account balances to what they were before the withdrawal stoppage on July 18th, but the exchange also noted at the time that it wasn’t possible to resume crypto withdrawals.
In January, WazirX announced it had frozen $3 million worth of the stablecoin USDT connected to the hack, which the crypto sleuth ZachXBT says is traceable to the Lazarus Group, a notorious digital asset hacking organization based in North Korea.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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