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WazirX Users Could Finally Get Crypto Back As Court Reverses Ruling
In a stunning reversal, the Singapore High Court has overturned its previous decision, giving new life to the long-stagnant hope of WazirX users finally getting their crypto funds back. The court’s latest ruling paves the way for a revote on the exchange’s restructuring proposal, which could potentially lead to a successful distribution of user assets.
The news comes as a significant relief to thousands of users who have been waiting for over a year since WazirX shut down its doors in response to a massive hack that drained the platform of approximately $234 million. The cyber heist was linked to North Korean hackers, part of the notorious Lazarus Group, leaving many users worried about their crypto holdings.
As previously reported by Bitcoinist, WazirX’s parent company Zettai PTE LTD had proposed a restructuring plan which received overwhelming support from creditors. However, this initial proposal was rejected by the Singapore High Court on June 4th due to concerns over regulatory compliance with Singapore’s Financial Services and Markets Act (FSMA) as well as the involvement of Panama-based entity Zensui in the distribution process.
Following the court’s latest decision, WazirX has revealed that it will move forward with an amended proposal. This revised plan replaces Zettai PTE LTD with Zanmai Labs, a Indian entity responsible for managing the exchange’s INR component, in its fund distribution process.
The outcome of this revote remains uncertain until the data is made public, but if approved by creditors and sanctioned by the court, it could potentially see WazirX reopen its services, allowing users to access their crypto assets.
Source: bitcoinist.com
