WazirX, the impacted crypto exchange, is poised to resume operations following a significant hack last year. A Singapore court is set to hear WazirX’s restructuring and compensation plan on May 13, after creditors overwhelmingly approved the proposal with over 93% voting in favor. The hack in July 2024 resulted in the loss of approximately $234.9 million, nearly 45% of WazirX’s assets, attributed to North Korean hackers. The planned recovery includes the issuance of Recovery Tokens and aims to relaunch operations within ten business days post-approval. WazirX's recovery strategy emphasizes transparency and aligns with user compensation efforts while overcoming the challenges stemming from the hack, which prompted the freezing of user withdrawals. This restructuring is critical not only for WazirX’s survival but also for restoring trust within the crypto community, particularly in India, where the platform has a substantial user base. Without court approval, repayments risk significant delays until 2030 due to legal complexities.

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