Indian cryptocurrency exchange WazirX is one step closer to repaying users after a massive hack last year. The Singapore High Court has approved a plan to let WazirX’s parent company, Zettai, meet with users to discuss debt recovery.
The Hack and its Aftermath
Last July, North Korean hackers stole over $230 million from WazirX, forcing the exchange to temporarily halt withdrawals. This prompted the need for a comprehensive repayment strategy.
The Repayment Plan
The court-approved plan includes several key components:
- Debt Restructuring: A framework to manage the massive debt incurred.
- Token Distribution: Users may receive new tokens as part of the repayment.
- Recovery Tokens: Special tokens issued to help users recover their losses.
- Platform Reactivation: WazirX aims to bring its platform back online.
- Profit Sharing: A structure to share future profits with users.
WazirX founder Nischal Shetty expressed gratitude for the court’s approval, urging users to support the plan. He emphasized the exchange’s commitment to returning funds to users as quickly as possible.
Next Steps
An online meeting will be held for creditors to vote on the proposed repayment scheme. Zettai believes this is the fairest and most efficient way to resolve the situation and encourages user participation. The outcome of the vote will determine the success of the repayment plan.
