Crypto exchange WazirX has moved closer to recovery after users voted overwhelmingly in favor of a new restructuring plan. Around 95% of creditors approved the proposal, covering $206 million of the $234 million lost in a July 2024 hack attributed to North Korean attackers. The incident forced WazirX to pause all withdrawals for more than a year.
The latest plan follows the rejection of a similar proposal by the Singapore High Court in April, which raised concerns over recovery tokens and regulatory compliance. WazirX founder Nischal Shetty said that if the new scheme gains approval, the platform could resume operations and start compensating users within 10 days of the court’s decision.
This contrasts with earlier estimates suggesting users would need to wait months before repayments. With nearly 150,000 creditors casting votes, the approval signals strong user confidence in the restructuring process and offers renewed hope for the exchange’s revival.
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