Quick Summary
WazirX is awaiting an important decision by the Singapore High Court, on May 13.
July 2024 was the month when Platform was hacked and lost 234.9M worth of crypto.
Since the accident, the operations are suspended together with withdrawals.
The restructuring and compensation plan has received support of 93.1 of the creditors.
A different petition by 54 victims was denied by Indian Supreme Court.
With the permission of the court, WazirX can come back in 10 business days.
Countdown to Start Over
The Indian crypto exchange WazirX, which has experienced a huge hacking back in July 2024, is getting a step further closer to getting back on track. Its restructuring and user compensation plan will be decided on May 13 by the Singapore High Court, which will identify whether the platform can officially restart its work.
The pullout both of the crypto assets and of the INR has been suspended since the day 234.9 million hack purportedly perpetrated by the North Korean hackers.
So Whats New?
Recently, on X, WazirX stated that its parent firm – Zetall PTE Ltd has taken all the necessary actions.
The last obstacle -? A green light by the High Court of Singapore during the hearing of the sanction.
When accepted, operations are likely to resume and the initial round of compensations are likely to commence in 10 working days.
The Scheme Is Supported by Creditors
Announcement of April 7 showed a great deal of support of the recovery plan of WazirX:
- The plan was approved by 93.1 percent of voting creditors with 94.6 percent of claims.
- It comprises a recovery token and ordered compensations to constitute victims.
- In case the plan would not have been passed, the community would have had to wait until a later date 2030 to make repayments, creating more uncertainty.
India – Supreme Court Dismisses Separate Petition
On April 16, the Supreme Court of India dismissed a petition of 54 victims demanding an audit and a legal case to be filed against WazirX.
Judges B.R. Gavai and Augustine Masih cited that the matter is related to the policy of crypto, thus the petitioners should address a concerned authority.
What’s Next?
Everybody is waiting upon 13 May.
Winning the case may be a milestone in the history of WazirX and finally bring the much-needed reprieve to the consumers.
Until that time the community waits–and watches.