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WazirX plans to restart platform operations within 10 business days of the court’s approval.
Key Takeaways
- Singapore court has approved WazirX’s restructuring plan after the cryptocurrency exchange suffered a $235 million hack.
- The court’s sanction allows WazirX to implement a structured asset distribution to users affected by the incident.
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A Singapore court approved WazirX’s restructuring plan today, allowing the Indian cryptocurrency exchange to proceed with asset recovery efforts following a $235 million hack.
The Singapore Court sanctioned WazirX’s scheme of arrangement, enabling structured asset distribution to affected users as part of post-hack recovery efforts.
WazirX plans to resume platform operations shortly after court approval, focusing on enhanced security measures to prevent future breaches.
The restructuring aligns with broader trends in the crypto industry where exchanges seek judicial oversight to rebuild trust following security incidents.
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