Summary

WazirX, an Indian cryptocurrency exchange, has secured approval from the Singapore High Court to reorganize following a significant $230 million cyber attack sustained last year. The court ruling permits WazirX to hold a scheme meeting with users, marking a crucial step toward redistributing the lost funds.

Key Points:

• The court has stated that there is no evidence indicating any wrongdoing by WazirX related to the hack.
• If the restructuring plan receives approval, WazirX aims to distribute the funds to affected users within 10 business days.

Context

WazirX was victimized by a hacking incident attributed to the North Korean group Lazarus, with over 45% of its total holdings stolen. Subsequently, the hackers were reported to have laundered the stolen funds using privacy-focused crypto mixer Tornado Cash.

The court’s finding dismisses allegations from some users suggesting that WazirX’s parent company, Zettai, may have contributed to the incident.

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