WazirX users can finally breathe a sigh of relief as the Singapore High Court has approved the exchange's restructuring plan, providing a pathway for recovery after a devastating hack in 2024. According to analysts cited in the report, the outlook is promising for those affected by the incident.
Court Ruling on Hack Recovery
The court's ruling allows users to recover up to $55 million of the $235 million lost during the hack that occurred on July 18, 2024. The recovery process will be overseen by Singapore-based Zettai Pte Ltd, with users expected to receive payouts in USDT within 10 business days.
Community Support and Token Surge
WazirX CEO Nischal Shetty expressed his gratitude to the community for their unwavering support throughout this challenging period. Following the announcement of the court's decision, the native WRX token experienced a significant surge, increasing nearly 21% in value.
Withdrawal Status and User Uncertainty
However, it is important to note that withdrawals have not yet commenced and no specific timeline has been provided for when users can expect to access their funds. This ruling represents a crucial step towards alleviating the prolonged uncertainty faced by WazirX users.
As WazirX users find hope in the court's ruling for recovery, a concerning trend emerges with the rise of romance scams exploiting online relationships for cryptocurrency investments. For more details, see the full article on romance scams.
