The High Court’s approval, following broad creditor support, allows WazirX to proceed with its recovery efforts after a major 2024 hack that drained user funds.
The Singapore High Court has authorized WazirX’s restructuring plan, allowing the exchange to move forward with a recovery process after a $234 million hack in July 2024. The scheme, which garnered 95.7% support from creditors, aims to repay affected users, with recovery tokens and liquid payments. WazirX plans to begin payouts within 10 business days. The court’s approval clears a major hurdle in the exchange’s effort to stabilize operations and compensate users affected by the theft.