Indian crypto exchange WazirX charts recovery path after $235M cyberattack
Indian cryptocurrency exchange WazirX, which suffered a $235 million cyberattack in July 2024, has announced a restructuring plan aimed at compensating affected users.
The exchange, reportedly targeted by North Korea’s Lazarus Group, has developed the plan under the supervision of Singapore’s legal system.
Zettai, the parent company managing WazirX, filed for a moratorium at the Singapore High Court in August 2024, proposing a restructuring plan under a Singapore Scheme of Arrangement.
A Singapore Scheme of Arrangement is a court-approved legal process companies can use to restructure their debts and liabilities. It allows a company to propose a binding arrangement with creditors, ensuring resolution while avoiding liquidation.
WazirX, in an affidavit shared with Cointelegraph, stated that it currently holds liquid assets amounting to $566.4 million USDt USDT $0.9995, exceeding the total claims of $546.5 million USDT 0 reply
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