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WazirX Users Could Finally Get Crypto Back As Court U-Turns
In a surprising twist of events, the Singapore High Court has reversed its earlier ruling, paving the way for a revote that could potentially lead to the distribution of funds back to WazirX users. This reversal comes as a relief to thousands of users who have been waiting for over a year to recover their stolen crypto assets.
As a reminder, WazirX, an Indian cryptocurrency exchange, halted operations nearly 12 months ago following a notorious hack that drained user funds amounting to $234 million. The breach was linked to North Korean hackers as part of the Lazarus Group.
The exchange has been working on restructuring its business under parent company Zettai PTE LTD and secured creditor support for its plan, which ultimately failed to pass during an initial vote. However, WazirX is now set to hold a new vote following the court’s reversal.
It’s worth noting that the Singapore High Court previously rejected the exchange’s proposal due to concerns regarding regulatory compliance with the Financial Services and Markets Act (FSMA) and Zettai’s involvement in fund distribution.
Source: bitcoinist.com
