WazirX to Get Day in Court Next Month, With Payouts After 10 Days If Recovery Plan is Approved
WazirX, the crypto exchange hit hard by a $234.9 million hack last year, says its gearing up to restart operations and begin creditor payments after a key Singapore court hearing on May 13.
The exchanges Singapore-based parent company, Zettai, has wrapped up all prep work for the hearing, where the court will decide on approving WazirXs restructuring and user compensation plan.
While weve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier, WazirX said in an X post.
A North Korean attack on WazirX last year wiped out nearly 45% of user assets from a Safe Multisig wallet, forcing the platform to halt withdrawals and file a restructuring plan to partly return assets.
Earlier this month, 93.1% of creditors holding 94.6% of the $196 million in approved claims backed the restructuring plan in a vote. The plan involves issuing tradable Recovery Tokens with periodic buybacks and launching a decentralized exchange.
WazirXs WRX tokens are little-changed in the past 24 hours.
The post WazirX to Get Day in Court Next Month, With Payouts After 10 Days If Recovery Plan is Approved first appeared on CurrencyCrypt.
Text source: CurrencyCrypt
