Just-In: WazirX Gains Approval To Repay $235M Hack Victims

In an unprecedented development, the fallen Indian cryptocurrency exchange WazirX has recently secured vital approval from a Singapore Court, sparking discussions among its users globally. Notably, the Indian crypto exchange has been allowed to roll out a recovery scheme for the platform’s users, repaying any funds that were not stolen in the major $235 million hack last year. As a result, not all users are rejoicing as the recovery of the stolen funds still remains shrouded in an enigma.

WazirX Secures Singapore Court Approval To Repay Unstolen Funds

According to a recent Monify report on January 23, the Indian crypto exchange has secured approval from a Singapore court to repay customers any funds not stolen in a major $235 million hack last year, a person familiar with the matter stated. This effort comes in the aftermath of one of the largest crypto heists reported in 2024.

Notably, following the July 2024 WazirX hack, all assets on the platform were frozen as users panicked and rushed to withdraw funds. Further, with its parent company Zettai being based in Singapore, the crypto exchange awaited the regional court’s approval to return these unstolen frozen funds back to users.

Subsequently, the recent approval by a Singapore court, allowing the platform to return unstolen funds, underscores a landmark achievement for some users.

But There’s A Catch

However, it’s worth mentioning that WazirX customers won’t receive their funds immediately. The platform’s colossal user base that was impacted by the hack must partake in a voting session to achieve this feat.

The voting is set to be conducted within three months of the court’s approval. Moreover, some users continue to be on their toes, given that the recovery of the ‘stolen funds’ still remains a matter of discussion. In the interim, CoinGape reported that WazirX froze $3 million worth of the stolen assets recently in an effort to recover lost funds.

Court Also Grants Approval To Convene Scheme Meeting

Meanwhile, Nischal Shetty, the founder of the exchange, also revealed in an X post that the Singapore High Court has granted them leave to convene a Scheme meeting. He remarked that this marks another significant milestone in the restructuring process as they move closer to restarting the WazirX platform.

Shetty revealed that the next step is to prepare for the voting process. Scheme creditors will have the opportunity to vote on the Restructuring Scheme, paving the way for faster and fairer recoveries.

How Is WRX Token Performing?

At the time of reporting, the Indian exchange’s WRX coin gained nearly 10% to $0.03089. The coin’s 24-hour low and high were $0.02557 and $0.03272, respectively. Notably, the rising movement in tandem with the repayment news has sparked noteworthy investor curiosity.

Nevertheless, CoinGape recently reported that Binance delisted WRX, raising severe concerns amid the exchange hack saga. Overall, in light of the optimistic development, WazirX users remain hopeful over a repayment ahead, whilst traders monitor the native coin extensively.