On December 6, WazirX parent Zettai filed an application with the Singapore court seeking approval to convene a shareholders’ meeting to vote on a proposed scheme of arrangement
Under the proposed scheme, WazirX plans to compensate affected users by rebalancing and distributing net liquid assets on the platform, and sharing profits from a potential new decentralised exchange
In October, WazirX officials were questioned by government agencies in connection with the $230 Mn crypto heist
Hacked crypto exchange WazirX is likely to fully resume crypto withdrawals on the platform by mid-April 2025, more than nine months after a cyberattack wiped out nearly $230 Mn from one of its wallets.
On December 6, WazirX parent Zettai filed an application with the Singapore court seeking approval to convene a shareholders’ meeting to vote on the proposed scheme of arrangement as part of its restructuring plans to make its users whole.
Now, the Singapore court has set the hearing date for this application on January 22, 2025, the company said in a statement.
Under the proposed scheme, WazirX plans to compensate affected users by rebalancing and distributing net liquid assets on the platform, sharing profits from a potential new decentralised exchange, as well as pursue recovery of illiquid assets on the platform.
As of December 5, 2024, WazirX held $565.7 Mn in digital assets. Users have filed for claims worth nearly $546 Mn against the company.
Once WazirX gets approval from the court and its shareholders, the exchange will begin distributing liquid assets on the platform within 10 days of the implementation of the scheme.
WazirX further said it will share part of the net profits generated from its new business, along with recovered stolen assets and illiquid platform assets over the next three years.
In what is arguably India’s biggest crypto hack to date, WazirX suffered a cyberattack in July which resulted in a loss of more than $230 Mn worth of crypto assets, amounting to 45% of the exchange’s total reserves.
In an effort to contain further damage, WazirX paused operations and suspended withdrawals on the platform. Although the suspension on INR withdrawals was partially lifted in August, WazirX users have yet to fully recover their stolen funds more than five months after the hack.
In October, WazirX officials were questioned by government agencies such as Financial Intelligence Unit, Intelligence Bureau, and the Indian Computer Emergency Response Team (CERT-In) in connection with the $230 Mn crypto heist.
Last month, the Delhi Police arrested a man from West Bengal in connection with the WazirX hack case over allegations that he set up a fake WazirX account to facilitate an attack on the platform.
