WazirX, a prominent Indian cryptocurrency exchange, has secured approval from the Singapore High Court for a new hearing concerning its proposed restructuring plan for user repayment. This development comes after a period of uncertainty following a significant cyberattack in July 2024, which led to substantial user fund losses. The latest court approval offers a renewed sense of hope for affected users as the exchange seeks to formalize its compensation roadmap.
<h2>Navigating a Complex Recovery</h2>
[embed]https://twitter.com/WazirXIndia/status/1937397663567347969[/embed]

The path to user reimbursement for WazirX has been intricate, with legal proceedings spanning both India and Singapore. Following the $230 million hack, WazirX's parent company, Zettai Pte Ltd, based in Singapore, sought a moratorium from the Singapore High Court to protect itself from legal actions while devising a repayment strategy. This new hearing is a critical step in gaining the court's sanction for a scheme that has already seen overwhelming support from a majority of affected creditors.
<h3>Details of the Proposed Repayment Scheme</h3>
Under the restructuring plan, WazirX aims to repay users through a combination of methods. A portion of the funds, approximately 52%, is expected to be distributed in cryptocurrencies that WazirX still holds. The remaining balance would be converted into "Recovery Tokens," which are designed to be linked to WazirX's future profits and potentially tradeable, offering users a chance to recoup further losses. The exchange has committed to adhering to all legal and KYC requirements during the payout process to ensure fairness and compliance.
<h3>Implications for WazirX and the Crypto Community</h3>
The Singapore High Court's approval for this new hearing is a pivotal moment for <a href="https://www.cryptoknowmics.com/news/wazirx-gears-up-for-singapore-hearing-on-restart/">WazirX</a> as it strives to rebuild trust and potentially resume full operations. For the broader cryptocurrency community, particularly in India, a successful and timely repayment could serve as a vital precedent, demonstrating a path to recovery even after large-scale security incidents. Conversely, any further delays or complications could amplify existing concerns about user protection and regulatory clarity in the rapidly evolving digital asset landscape.

WazirX Gains New Singapore Court Hearing for User Repayment Plan

WazirX secures a new Singapore court hearing for its user repayment plan following a major hack, offering renewed hope for users.

WazirX Gains New Singapore Court Hearing for User Repayment Plan

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