Odaily News Singapore’s High Court has approved a restructuring plan for cryptocurrency exchange WazirX, allowing the platform to repay customers following a $235 million hack in July 2024. WazirX estimates that users could recover up to 80% of their account balances.
The company will launch a voting process, which is expected to be completed within three months. If the majority of users vote in favor, the plan will be implemented. This will allow the exchange to allocate liquidity assets to users based on their claims, including bull market gains.
A Singapore court has upheld a restructuring rather than liquidation, saying a quick resolution and distribution of funds is the best option for users. (Cointelegraph)