WazirX, a prominent digital currency trading platform, has secured the green light from the Singapore High Court to move forward with its recovery efforts following a significant security incident.
This legal authorization stems from the backing of creditors who approved an updated restructuring strategy put forth by WazirX.
The ruling empowers the exchange to initiate the process of refunding users and resuming its operational framework, utilizing a token-based payout system.
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The platform has been navigating the consequences of a major cybersecurity incident that transpired in July of
the current year. This security lapse resulted in the unauthorized access and diversion of approximately
$234 million worth of virtual currencies, traced back to a compromised Safe Multisig digital wallet.
According to the company’s founder, Nischal Shetty:
I extend my heartfelt appreciation to everyone who stood by WazirX during this challenging chapter. The
Singapore High Court’s endorsement of the recovery plan is a testament to your unwavering support and
affection.
The organization has dedicated its efforts to establishing a mechanism for returning assets to over 150,000
affected clients. This recent ruling paves the way for the subsequent phase of the remediation
strategy, encompassing the distribution of recovered assets and the restoration of full
trading capabilities.
On August 20th, Shetty announced that once the court’s decree is formally enacted, impacted
users can anticipate receiving their refunded balances within a ten-day timeframe.
Nevertheless, as of the current moment, WazirX has yet to disclose a definitive timeline regarding
the commencement of the disbursement process.
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