Here’s What You Need to Know (Or Not, But We’ll Tell You Anyway):
- WazirX has big plans to kickstart operations again, but only after a pivotal court hearing in Singapore on May 13.
- The folks over at Zettai (WazirX’s parent company) have wrapped up all their work for the hearing. Now it’s in the court’s hands to decide if the compensation and restructuring plan gets the green light.
- Oh, and by the way, a North Korean hack last year took a whopping 45% of user assets. Oops. This is why they need to restructure, and 93.1% of creditors are on board with the plan.
WazirX, the crypto exchange that’s been through the wringer after a $234.9 million hack last year, is finally getting its act together. They’re preparing to restart operations and send out payouts…but only after the court hearing on May 13 in Singapore. So, fingers crossed!
Meanwhile, Zettai, the exchange’s parent company based in Singapore, says they’ve done their homework. Everything’s in place for the big court day, where they hope the court will approve the restructuring and compensation plan. What a nail-biter!
“While we’ve worked to stay on track with the timelines we’ve given, court proceedings have a mind of their own. We respect the process. If all goes as planned, the first payouts and restart will happen within 10 business days after the Scheme gets the green light,” WazirX said in an X post. That’s like promising your dog a treat, but only after you’ve successfully completed an obstacle course.
FAQ: What’s the latest on WazirX’s glorious return?
A: Oh, we get it. You’re all waiting for the platform to restart. Trust us, we appreciate your patience. Since day one, we’ve said the restart and first payout will happen within… well, whenever the court decides it’s time to roll the dice.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 21, 2025
In case you missed it, WazirX had a little issue last year: a North Korean hack wiped out nearly 45% of user assets from a Safe Multisig wallet. So, withdrawals came to a screeching halt, and a big ol’ restructuring plan was thrown together to try and get some of that lost money back.
Fast forward to earlier this month, and 93.1% of creditors (who just so happen to hold 94.6% of the $196 million in approved claims) gave the thumbs-up to the restructuring plan. The grand idea? Issue Recovery Tokens that can be traded, plus periodic buybacks and a decentralized exchange. Because why not add a bit of spice to the mix?
As for WazirX’s WRX tokens, well, they’ve been about as exciting as watching paint dry in the last 24 hours. But hey, no one’s holding their breath for fireworks just yet.
Read More
- Ludus promo codes (April 2025)
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Grimguard Tactics tier list – Ranking the main classes
- Unleash the Ultimate Warrior: Top 10 Armor Sets in The First Berserker: Khazan
- Maiden Academy tier list
- Cookie Run: Kingdom Topping Tart guide – delicious details
- Seven Deadly Sins Idle tier list and a reroll guide
- ‘SNL’ Spoofs ‘The White Lotus’ With Donald Trump Twist: “The White POTUS”
- ZEREBRO PREDICTION. ZEREBRO cryptocurrency
- Spencer’s Emotional Reunion: What It Could Mean for Season 2
2025-04-22 11:24