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Wazirx could restart operations next month because the pirated trading platform awaits a crucial court decision in Singapore which could open the way to its recovery plan after the recovery and its user compensation system.
After almost nine months of inactivity, Wazirx could finally resume services if the High Court of Singapore approves its restructuring plan, the company said in an update from April 21 to X.
The proposal, submitted by the parent company Zettai Pte Ltd, explains how the exchange plans to recover from the hacking of 234 million dollars that it suffered last July.
If it is approved during the sanction hearing on May 13, Zettai says that exchanges and withdrawals could resume within 10 working days, launching a process of progressive recovery.
“This hearing is essential for the regime to become legally effective,” said Wazirx, noting that he “finished all the previous required steps”, reiterating that he remains on the right track for a revival in the window of April-2025 previously communicated.
The hacking of July 2024, awarded to the Lazare group in North Korea, forced Wazirx to suspend all the withdrawals from Crypto and Fiat after the attackers have drained funds from a safe multisig portfolio. Since then, the exchange has been working on a plan supported by the court to return assets to users and relaunch its platform.
As part of the proposed scheme, the users concerned would receive recovery tokens, exchangeable over time thanks to the benefits of the platform, should cover 75% to 80% of account sales at the time of hacking. Full reimbursement could take up to 36 months, depending on the performance of the scholarship.
However, the plan did not land well with all users at the start. When Wazirx unveiled the program in February, he was criticized to link the reimbursements to the success of a new decentralized exchange. Users have accused the team of having proposed an “unfair” agreement, especially after Wazirx warned that the rejection of the plan could lead to a five -year remuneration period.
Despite the initial decline, the plan gained ground in March. More than 90% of creditors, representing more than $ 195 million in approved complaints, voted in favor of restructuring during a 10-day window organized on the Kroll issuing service platform.
While the recovery plan has progressed, 54 users tried to bring legal action against Wazirx before the Supreme Court of India. However, the case was rejected on April 16, the court indicating that it was not the right forum to face the litigation linked to the crypto.