WazirX Heads to Court Next Month, With Payouts Following 10 Days After Approval of Recovery Plan.

WazirX Gears Up for May 13 Court Approval to Restart Operations and Begin User Payouts

WazirX, the cryptocurrency exchange that suffered a devastating $234.9 million hack last year, is preparing to restart operations and begin compensating affected users after a crucial court hearing on May 13 in Singapore.

The exchange’s Singapore-based parent company, Zettai, has completed all preparations for the hearing, where the court will decide whether to approve WazirX’s restructuring and user compensation proposal.

“We have adhered to the timelines we previously shared, but understand that court proceedings must follow their own course,” WazirX explained in an update posted on X. “Once the Scheme is authorized, the First Distribution and platform restart will occur within 10 business days from the Effective Scheme Date, as previously outlined.”

Last year’s hack, reportedly carried out by North Korean attackers, resulted in the loss of nearly 45% of user assets held in a Safe Multisig wallet, prompting WazirX to halt withdrawals and submit a restructuring plan to return some of the lost assets.

Earlier this month, 93.1% of creditors, holding 94.6% of the $196 million in approved claims, voted in favor of the proposed restructuring plan. The plan includes issuing tradable Recovery Tokens with periodic buybacks and launching a decentralized exchange.

WazirX’s WRX token has remained relatively stable over the last 24 hours.