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

Core Points - Singapore's High Court has approved Zettai Pte. Ltd.'s restructuring scheme, allowing Indian crypto exchange WazirX to reopen after a significant hack [1] - A re-vote in August showed 95.7% of creditors by number and 94.6% by value supported the restructuring plan [1] Group 1: Restructuring and Reopening - WazirX founder Nischal Shetty stated that platform operations will restart within 10 business days once the scheme is legally effective, potentially before the end of October [2] - This reopening represents a rare court-supervised resurrection in the exchange sector [2] Group 2: User Recovery and Trust - Users affected by the hack are expected to regain access to the platform and receive initial distributions shortly after the restart [2] - WazirX plans to partner with U.S.-based custodian BitGo to enhance asset protection and rebuild user trust [3] Group 3: Security and Recovery Measures - The exchange aims to launch a decentralized exchange (DEX) and issue recovery tokens that can be traded, along with a periodic buyback of these tokens using platform profits [3] - WazirX users lost over $230 million in a security breach attributed to the Lazarus Group, which involved private key interception [4] - The hacker laundered the stolen funds using Tornado Cash, complicating recovery efforts [5]