The Indian crypto exchange WazirX says it is now on the verge of restarting after Singapore’s High Court greenlit its restructuring scheme following a $230 million hack on the platform last year.
Zettai Pte Ltd, the company that operates WazirX, proposed the scheme, which was approved by 95.7% of voting creditors in August.
The company now plans to file the court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), and WazirX founder Nischal Shetty says the exchange intends to restart within 10 business days of the scheme becoming effective.
WazirX also notes that it partnered with BitGo, a digital asset infrastructure firm and custodian, to strengthen the security of its funds.
A hacker plundered more than $230 million worth of digital assets from the exchange in July 2024 and has been laundering the stolen crypto through the mixing platform Tornado Cash.
In August 2024, WazirX announced it was going to roll back all trades and restore all associated account balances to what they were before the withdrawal stoppage on July 18th, but the exchange also noted at the time that it wasn’t possible to resume crypto withdrawals.
In January, WazirX announced it had frozen $3 million worth of the stablecoin USDT connected to the hack, which the crypto sleuth ZachXBT says is traceable to the Lazarus Group, a notorious digital asset hacking organization based in North Korea.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
