Indian cryptocurrency exchange WazirX has just received approval from the Singapore High Court to meet with its users in a bid to address debt and recover after a costly cyberattack last year.
In July, North Korean group Lazarus hacked WazirX and stole assets worth more than $230 million, and the huge loss prompted the exchange to suspend withdrawals from its platform.
In new statementWazirX says the court has decided to allow its parent company, Singapore-based Zettai, to hold a meeting and propose a plan of arrangement to creditors.
The main components of the scheme include debt restructuring framework, token distribution, redemption token issuance, WazirX platform reactivation and profit sharing structure.
Wazir says the development represents an important step in Zettai’s efforts to distribute user assets and revive the platform’s operations.
WazirX founder Nischal Shetty says,
“I thank the court for granting us permission to hold the scheme meeting and for recognizing our efforts. We are leaving no stone unturned to facilitate users’ recovery as soon as possible and appeal to users to vote in favor of the scheme.
The meeting will be held online and creditors will have the opportunity to vote on the proposed scheme.
“Zitai believes that the proposed scheme represents the most efficient and equitable path towards resolution for all platform users and strongly encourages platform users to support the scheme, as it offers the potential for improved recoveries compared to alternative scenarios.”
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