Indian exchange WazirX has received the greenlight from the Singapore High Court, paving way for users to finally get their crypto funds back.
WazirX had to cease operations once the hack became known, and to this day, users have been unable to withdraw their funds from wallets linked with it. The successful Monday hearing from the Singapore High Court, however, could finally flip the situation. The hearing was regarding WazirX’s restructuring plan that would see it restart operations. The platform had previously attempted to get a similar scheme through back in June, but the Singapore court rejected the proposal.
While WazirX is an Indian exchange, its parent company, Zettai, is based in Singapore. This is why the hearings have been taking place in the Southeast Asian country, rather than the subcontinent. The High Court rejected the earlier scheme due to compliance issues with Singapore’s Financial Services and Markets Act (FSMA) and concerns over the involvement of Panama-based Zensui in the redistribution process.
WazirX went back to the drawing board and came up with another proposal, this time with the Indian component of the platform handling the crypto redistribution instead. The court didn’t issue a decision during the September hearing, leaving creditors tense about whether the plan would be rejected again.
The exchange had warned that an unsuccessful scheme could set back user fund distribution by at least two more years. After the October 13th hearing, however, creditors can finally breathe a sigh of relief, as the court has approved the proposal.
“Thank you to everyone who supported this difficult phase of WazirX,” said Shetty. “Now we set out on the next phase to work hard and create value for everyone.” So far, the platform hasn’t confirmed when user redistribution will start, but earlier, it had said that creditors can expect their crypto back within 10 days of an effective scheme.
Besides the big exchange hacks, North Korean hackers have also been employing more subtle tactics to steal from digital asset wallets. A recent report revealed that attackers from the nation are masquerading as recruiters to lure in applicants with fake job offers and make off with their funds.
Bitcoin has made some recovery from its latest crash as its price is back at $114,900.
