WazirX Creditors Back Restructuring Plan to Payback $230M Hack Victims

Crypto exchange WazirX has received over 93% approval from creditors for its Scheme of Arrangement, aimed at recovering assets lost in a $230 million hack in July 2024. The voting engaged over 141,000 creditors, exceeding legal requirements for approval in Singapore. With this endorsement, WazirX plans to seek court sanction to initiate partial payouts and gradually resume trading. The recovery efforts will include launching a decentralized exchange and issuing recovery tokens. Despite the breach's complexity and involved parties, this development offers some hope for defrauded users seeking compensation. Learn more about WazirX's recovery plan and ongoing challenges. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk