WazirX eyes May relaunch as restructuring plan awaits final court approval

Wazirx could restart operations next month because the pirated trading platform awaits a crucial court decision in Singapore which could open the way to its recovery plan after the recovery and its user compensation system.

After almost nine months of inactivity, Wazirx could finally resume services if the High Court of Singapore approves its restructuring plan, said the company in an April 21 update to X.

The proposal, subject by the parent company Zettai Pte Ltd, outline How the exchange plans to recover from the hacking of $ 234 million he suffered last July.

If it is approved during the sanction hearing on May 13, Zettai says that exchanges and withdrawals could resume within 10 working days, launching a process of progressive recovery.

“This hearing is essential for the program to become legally effective,” said Wazirx, noting that he “finished all the previous required stages”, reiterating that he remains on the right track for a revival in the previously communicated April-May window 2025.

THE July 2024 Hack, awarded to the Lazare group in North KoreaForced Wazirx to suspend all the withdrawals of Crypto and Fiat after the attackers drained funds from a safe multisig portfolio. Since then, the exchange has been working on a plan supported by the court to return assets to users and relaunch its platform.

As part of the proposed scheme, the users concerned would receive recovery tokens, exchangeable over time thanks to the benefits of the platform, should cover 75% to 80% of account sales at the time of hacking. Full reimbursement could take up to 36 months, depending on the performance of the scholarship.

However, the plan did not land well with all users at the start. When Wazirx unveiled the program in February, it was met strong criticisms To link reimbursements to the success of a new decentralized exchange. Users have accused the team of having proposed an “unfair” agreement, especially after Wazirx warned that the rejection of the plan could lead to a five -year remuneration period.

Despite the initial decline, the plan gained ground in March. More than 90% of creditors, which represents more than $ 195 million in approved complaints, voted in favor Restructuring during a 10-day window hosted on the Kroll issuing service platform.

While the recovery plan is progressing, 54 users tried to take legal action Against Wazirx at the Supreme Court of India. However, the case was rejected on April 16, the court indicating that it was not the right forum to face the litigation linked to the crypto.