WazirX Set to Restart Operations and Begin Creditor Payouts After May Court Hearing

WazirX, the cryptocurrency exchange that was rocked by a $234.9 million hack last year, is preparing to resume operations and initiate creditor payments following an important court hearing in Singapore on May 13.

Zettai, the Singapore-based parent company of WazirX, has completed all the necessary preparations ahead of the hearing, where the court will decide whether to approve the exchange’s restructuring and compensation plan.

“We’ve made every effort to stay on track with the timelines we’ve previously communicated, though court procedures must follow their own course,” WazirX stated in an update on X. “Once the Scheme is approved, we expect to start the First Distribution and platform restart within 10 business days of the Effective Scheme Date, as outlined.”

The hack, attributed to North Korean attackers, resulted in the loss of nearly 45% of user assets from the exchange’s Safe Multisig wallet, forcing WazirX to halt withdrawals and implement a plan to partially return assets to users.

Earlier this month, 93.1% of creditors, representing 94.6% of the $196 million in approved claims, voted in favor of the restructuring plan. This includes the issuance of tradable Recovery Tokens, periodic buybacks, and the launch of a decentralized exchange.

Meanwhile, WazirX’s WRX token has remained largely unchanged in the past 24 hours.