Singapore’s High Court has approved a payment restructuring plan for victims of the hack of Indian crypto exchange WazirX. The court also ruled that the trading platform was not involved in the hack.
Recall that WazirX lost more than $234 million as a result of a hack that occurred on July 18, 2024. According to experts, the attack was carried out by the North Korean hacker group Lazarus Group.
According to the restructuring plan proposed by WazirX, the exchange will return 75% to 80% of the lost assets. However, this will only happen after a user vote, which will last for the next three months. The company has previously given back some of the stolen funds to customers, freezing USDT stablecoins worth $3 million.
If the plan approved by the Singapore Supreme Court is fully implemented, WazirX will be able to save its reputation and restore the trading platform.
However, many affected users of the exchange have doubts that WazirX will fulfill all its obligations. A group of customers who created a social media account called “Justice for WazirX Users” criticized the work of the founder and CEO of the exchange, Nischal Shetty. The community members believe that he wants to delay the refund process by demanding that more than four months be allocated for the voting procedure.