WazirX Restructuring Cleared in Massive Relief for $230M Hack Victims

Singapore’s High Court has approved Zettai Pte. Ltd.’s restructuring scheme, clearing the path for the reopening of Indian crypto exchange WazirX less than a year after it was crippled by the largest hack on any crypto business in the ￰0￱ sanction order followed an August re-vote that saw 95.7% of creditors by number and 94.6% by value support the plan. “As soon as the scheme is legally effective, we will restart platform operations within 10 business days,” WazirX founder Nischal Shetty ￰1￱ all goes as planned, WazirX could return to operations before the end of October, marking a rare, court-supervised resurrection in the exchange ￰2￱ affected by the hack are expected to regain access to the platform and see initial distributions shortly after the ￰3￱ will also partner with the U.

S.-based custodian BitGo to strengthen asset protection ahead of relaunch, a move aimed at rebuilding user trust and satisfying new regulatory and security ￰4￱ of the refund plan is to launch a decentralized exchange (DEX), Issue recovery tokens that can be traded, and perform a periodic buyback of recovery tokens using platform profits and new revenue ￰5￱ users lost over $230 million in a Lazarus Group-led security breach in July 2024 after an apparent private key interception, which the exchange attributed to its custody provider, Liminal, a claim the latter rejected, pointing instead to vulnerabilities on WazirX’s ￰6￱ hacker laundered all the stolen funds to various addresses using Tornado Cash to obscure the transactions, as CoinDesk reported in September 2024 , dampening hopes of a full ￰7￱ has since worked to recover the funds with limited success.