WazirX Set to Rise from the Ashes: Court Decision Looms

Trading Platform Awaits Crucial Singapore Court Ruling

Hang onto your hats, crypto fans! WazirX, the hacked trading platform, is on the edge of its seat waiting for a crucial court decision in Singapore next month. This could be the green light they need to kickstart their comeback plan and finally start compensating users after nearly nine months of dead silence.

Get ready, because if Singapore's High Court gives the thumbs up to their restructuring plan, WazirX could be back in action faster than you can say "crypto comeback." The company dropped this bombshell in an April 21 update that's got everyone talking.

Here's the deal: Zettai PTE Ltd, WazirX's parent company, has thrown down a proposal that lays out exactly how they're going to bounce back from that brutal $234 million hack last July. It's a roadmap to redemption, and they're not messing around.

If the court says yes at the May 13 sanction hearing, Zettai is ready to hit the ground running. They're talking about firing up trading and withdrawals within just 10 business days, and that's just the start of a phased recovery that's going to blow your mind.

"This hearing is the make-or-break moment for our plan," WazirX declared, and they're not just talking the talk. They've checked every box and are still gunning for a relaunch between April and May 2025. This is happening, people!

Remember the July 2024 hack that everyone's still talking about? The one the North Korean Lazarus Group pulled off, draining funds from a Safe Multisig wallet like it was nothing? That's what forced WazirX to hit the brakes on all crypto and fiat withdrawals. But they've been hustling behind the scenes, cooking up a court-backed plan to get those assets back to users and relaunch with a vengeance.

So, what's in it for the users? Under this bold new scheme, those affected are going to get recovery tokens. These bad boys can be redeemed over time, powered by the platform's profits, and we're talking about covering 75% to 80% of what was in your account when the hack went down. Full repayment might take up to 36 months, but hey, it's a marathon, not a sprint.

Now, not everyone was doing backflips when WazirX first dropped this plan in February. There was some serious pushback, with users calling it an "unfair" deal, especially after WazirX warned that saying no to the plan could mean waiting another five years for compensation. Ouch!

But guess what? The plan started winning over hearts and minds in March. Over 90% of creditors, representing more than $195 million in approved claims, voted yes during a 10-day window on the Kroll Issuer Services platform. That's a landslide, folks!

While the recovery plan was gaining steam, 54 users tried to throw a wrench in the works by taking WazirX to India's Supreme Court. But on April 16, the court shut them down, saying it wasn't the right place to hash out crypto disputes. Case closed!