By Kapil Rajyaguru
WazirX Gets Singapore Court Approval To Repay Victims Of $235mn Hack.
Indian cryptocurrency exchange WazirX has secured approval from the Singapore High Court for its restructuring plan, enabling the repayment of customer funds stolen in a massive cyberattack in July 2024.
On Jan. 23, the Singapore High Court approved WazirX’s plan under the Companies Act 1967, paving the way for the crypto exchange to recover from a $235 million cyberattack by North Korea’s Lazarus Group.
Filed by Zettai, WazirX’s parent company, the restructuring plan aims for creditor recovery and avoiding liquidation through a court-supervised process. WazirX estimates that users may recover 75% to 80% of their account balances through token distributions.
According to the court hearing, there was no evidence of WazirX’s wrongdoing or misconduct in the cyberattack.
Ethereum Fee Earnings Rise In 2024 Despite Cost-Saving Dencun Upgrade: CoinGecko.
Ethereum was the highest-earning blockchain last year, earning more in fees compared to 2023, despite an upgrade in March that reduced costs on the network. Ethereum collected $2.48 billion in fees over 2024, the most of any blockchain, followed by Tron, which brought in $2.15 billion. Bitcoin came in third place, earning $922 million, according to a Jan. 21 CoinGecko report.
According to CoinGecko, fees from 21 layer-1 protocols totaled $6.60 billion, while layer 2 blockchains brought in $294 million.
Meanwhile, Solana saw the most significant spike, with an increase of 2,838% in its annual fee earnings, from $25 million in 2023 to $750 million recorded in 2024. This came off the back of the memecoin craze, which also pushed the Solana network to a record 100 million active wallets in October.
Justin Sun Claims He Can Take Ethereum To $10,000.
Justin Sun, the founder of Tron (TRX), shared his thoughts on how he would run Ethereum and the ‘Ethereum Foundation’ if it were under his control. He claimed his ideas would get ETH to $10,000.
Justin Sun’s drastic changes include a 3-year ETH sales halt, taxing Layer 2s to fund ETH burns, and streamlining the Ethereum Foundation. Sun believes these measures would significantly reduce ETH supply, enhance security, and boost scalability, ultimately driving ETH’s price to $10,000. His proposals have sparked debate within the crypto community.
Trump-Linked Crypto Platform’s $33mn Ether Transfer Spurs ETF Staking Hopes.
World Liberty Financial (WLFI), a decentralized finance platform linked to the Trump family, has deposited 10,000 ether (ETH) worth $33 million into Lido Finance to stake and earn rewards.
The move has sparked optimism about potential regulatory approval for staking features in spot ETH exchange-traded funds.
SEC Commissioner and crypto task force leader Hester Peirce said last month she was open to reconsidering staking for ETFs.
You need to login in order to Like
