The cryptocurrency exchange WazirX is preparing to resume operations nearly a year after a hacker attack resulted in a $234 million loss.
Situation Post-Hack
In July 2024, WazirX faced a significant hack that resulted in approximately 45% of the company's assets being stolen. The hackers, believed to be from North Korea, rendered users' funds, including cryptocurrencies and Indian rupees, inaccessible.
User Compensation Plan
In response to the incident, the company Zettai PTE Ltd, which manages WazirX, prepared a recovery and compensation plan for users. This plan outlines a phased compensation system prioritizing retail users.
Awaiting Court Ruling
A ruling from the Singapore court, expected on May 13, will be the final step in implementing the plan. If approved, the company expects to restart trading and begin user compensation within ten business days. Previously, 93.1% of creditors expressed support for the proposed plan.
The court decision is critical for WazirX and its users, as it will determine the platform's future following the substantial security breach.
