Indian crypto exchange WazirX says it is now on the verge of restarting after the Singapore High Court gave the green light to its restructuring plan 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 injunction with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), and WazirX founder Nischal Shetty says the exchange plans to restart within 10 working days of the scheme coming into effect.
WazirX also notes that it partnered with BitGo, an infrastructure company and digital asset custodian, to strengthen the security of its funds.
A hacker looted more than $230 million worth of digital assets from the exchange in July 2024 and laundered the stolen cryptocurrency through the mixing platform Tornado Cash.
In August 2024, WazirX announced that it would be reversing all transactions and restoring all associated account balances to what they were before the withdrawal freeze on July 18, but the exchange also noted at the time that it was not possible to resume crypto withdrawals.
In January, WazirX announced it had frozen $3 million in stablecoin USDT linked to the hack, which crypto sleuth ZachXBT says is traced to the Lazarus Group, a notorious digital asset hacking organization based in North Korea.
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