Indian cryptocurrency exchange WazirX has just received approval from Singapore’s High Court to meet with its users in an effort to address and recover debt after a costly cyberattack last year.
In July, North Korea’s Lazarus group hacked WazirX and stole more than $230 million in assets. The huge loss prompted the exchange to suspend withdrawals from its platform.
In a new statement, WazirX said the court has decided to let Singapore-based parent company Zettai hold a meeting and propose an agreement to creditors.
The key components of the scheme include a debt restructuring framework, token distribution, issuance of recovery tokens, reactivation of the WazirX platform and profit sharing structure.
Wazir says the development marks an important step in Zettai’s efforts to distribute user assets and revitalize the platform’s business.
Says WazirX founder Nischal Shetty:
“I thank the court for granting permission to convene the settlement meeting and for recognizing our efforts. We are leaving no stone unturned to facilitate recovery for the users at the earliest and appeal to the users to vote in favor of the scheme.”
The meeting will take place online and creditors will have the opportunity to vote on the proposed arrangement.
“Zettai believes that the proposed scheme represents the most efficient and equitable path to resolution for all platform users and strongly encourages platform users to support the scheme as it offers the potential for a better recovery compared to alternative scenarios.”
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Generated image: Midjourney