Hacked $ 222 million in July, Indian Crypto Exchange Wazirx announced on May 13 that it will resume the court’s ruling proposal and user compensation plan.
When the Singapore High Court nods, Zettai Pte LTD, a Wazirx parent company, can start Exchange and start a reward system for users who are affected within 10 days of business days, Wazirx said on April 21.
WAZIRX has lost $ 223 million in a safe multi -sushi wallet since it was due to North Korean hackers in mid -July 2024.
“Zettai has completed all the necessary stages, and the next major stage is the sanctions hearing scheduled for the Singapore High Court on May 13, 2025.”
“This hearing is essential for the system to be legally effective. We operate independently and respect the process while matching the previously shared timeline.”
On April 7, more than 90% of the voting creditors voted in favor of the platform’s post -restructuring plan, which included a recovery token issuance.
Tokens will be repurchased using net profit from the exchange and can calculate 75%of the user account balance at the time of cyber attack.
Wazirx warned that if the creditor did not approve the restructuring plan proposed by the creditor, the repayment of $ 225 million could be delayed by 2030.
The Singapore High Court gave ZettAi the authority to convene the creditors’ meeting in order to suggest possible remedies for the user, and planned to replace it online in January.
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Wazirx said, “We are sincerely grateful for the eagerness of the platform and continuous patience.
“From the beginning, we said that the first distribution and restart will occur in the April 2025 window.”
The Indian Supreme Court dismisses the Wazirx user petition.
The Indian Supreme Court’s separate ruling on April 16 dismissed the petitions submitted by 54 victims of hacking, and he pursued legal measures against Wazirx, Shetty, Binance and AcciBly Provider Liminal. The petition also asked the court to thank the account of Zirrex.
Judge BR Gavai and Augustine Masih rejected the court that the court could not make a ruling because the court could not make a decision because it was a matter of encryption policy.
Gavai and Masih recommended the petitioners to listen to the regulatory agency or other relevant authority.
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