Singapore Court Approved to Repay $235M to WazirX users

Cryptocurrency exchange WazirX has received approval from the Singapore High Court to hold a meeting with its users following a $235 million cyber attack last year. The court granted a 16-week moratorium for restructuring and approved variations to streamline the meeting process. The attack, attributed to North Korea’s Lazarus Group, saw over $230 million stolen, significantly impacting users.

The scheme aims to reorganize liabilities and optimize returns for users by issuing recovery tokens (RTs) and distributing them within 10 business days after approval. Participants will vote on the proposed scheme electronically. If approved, it will also support the reactivation of the WazirX platform with new features, including a decentralized exchange.

Despite initial concerns of wrongdoing, the court found no evidence against WazirX or its parent company, Zettai. The approval marks significant progress in WazirX’s efforts to recover and repay stolen assets.