Crypto exchange WazirX has gone through a lots of ups and downs ever since it was hacked last year.
Now things are finally looking up for the Indian crypto exchange as it is said to reopen all operations within the next 10 days as for court orders.
What do we know so far?
The Co-founder Nischal Shetty said, “The ACRA filing in Singapore was completed yesterday, 15th October, marking the scheme’s effective date! As per the scheme, we need to restart WazirX before 30th October.
He added “The team is working at full speed to make this happen, and we’re aiming to get it done even sooner. We’ll share the exact restart date next week once preparations are finalized.”
According to an X post, the filing comes after the restructuring plan was approved by the High Court of Singapore last week, with more than 95% of creditors voting in favour of it.
The exchange moves into the implementation phase, when customers will start receiving distributions and Recovery Tokens (RTs) under the scheme, once the ACRA filing is finished.
Also Read: Singapore High Court Greenlights WazirX’s Plan to Reimburse 75% to 80% of Stolen Crypto Money
More than a year has passed since WazirX was forced into bankruptcy due to a cyberattack that stole more than $240 million worth of tokens.
Prior to the cyberattack and ensuing liquidity shortage in early 2024, WazirX was the biggest cryptocurrency exchange in India by volume. Since then, the company has recovered under the jurisdiction of Singapore, where its parent company is based.
Refunds for the users
Depending on their accepted claim, users who owned assets on the exchange before July 18, 2024, the hack are eligible to receive the RTs on a pro rata basis. These are intended to provide users a claim on a portion of future earnings, recovered stolen monies, and platform income.
We earlier reported last year that the hacker used Tornado Cash to launder all of the stolen money to several addresses to hide the transactions, sabotaging any prospects of a complete recovery. Since then, WazirX has attempted, with varying degrees of success, to retrieve the money.
The Indian crypto market is already in a very grey area. The country, despite having a large audience of cryptocurrency investors and traders, still needs clear guidelines and regulations on the cryptocurrency and blockchain business. However, a milestone and an approval like this is a big thing for an Indian crypto Exchange and for the crypto sector to grow in the country.
Also Read: WazirX Successfully Freezes First Wave of Stolen Assets Worth $3M From North Korean Hackers