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Indian crypto exchange WazirX has taken a significant step forward by securing approval from a Singapore court to repay customers whose funds were not stolen in the massive $235 million hack of July 2024. This decision brings some relief to affected users, although challenges remain in fully addressing the fallout from one of the largest crypto hacks of the year. 📢 Court Approval for Scheme Meeting Granted We’re pleased to announce that the Singapore High Court has granted us leave to convene a Scheme Meeting. This marks another significant milestone in the restructuring process as we move closer to the distribution of Net Liquid… pic.twitter.com/tHGwKD0bGo — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) January 23, 2025 Though the process won’t be quick it may take some time as WazirX is asking for a minimum of 4 months to start the repayment process.  The Plan to Repay Unstolen Funds After the hack, WazirX froze all platform assets, leaving users in a state of uncertainty. With its parent company Zettai based in Singapore, the exchange required the court’s green light to initiate the repayment process. The court’s approval now allows WazirX to return unstolen funds, marking a positive development for users. How the Plan Works However, repayment won’t happen immediately. WazirX’s recovery strategy includes a user voting process, expected to conclude within three months. If approved, users will receive net liquid assets within 10 business days. The exchange plans to issue recovery tokens representing outstanding claims, allowing users to benefit from future platform profits and recovered assets. Zettai has committed to a three-year buyback program for these tokens, financed by platform revenues and recovered funds. Plus, WazirX aims to launch a decentralized exchange to further boost its financial recovery efforts. Efforts to Recover Stolen Assets WazirX has been working to recover stolen assets,…

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Filed under: News - @ January 23, 2025 7:24 pm