WazirX Set for Court Hearing Next Month, Payouts Expected Within 10 Days If Recovery Plan Is Greenlit.

WazirX Prepares for May 13 Court Hearing to Approve Restructuring and Compensation Plan

WazirX, the cryptocurrency exchange that suffered a major $234.9 million hack last year, is set to resume operations and begin creditor payouts following a crucial Singapore court hearing on May 13.

The exchange’s parent company, Zettai, based in Singapore, has completed all necessary preparations for the hearing, where the court will determine whether to approve WazirX’s proposed restructuring plan and user compensation strategy.

“We’ve worked diligently to adhere to the timelines previously shared, but we respect the independent nature of court proceedings,” WazirX stated in a post on X. “Once the Scheme is sanctioned, the First Distribution and platform restart will occur within 10 business days from the Effective Scheme Date, as outlined.”

The hack, attributed to a North Korean attack, wiped out approximately 45% of user assets held in a Safe Multisig wallet, prompting WazirX to halt withdrawals and submit a restructuring plan aimed at partially reimbursing users.

Earlier this month, 93.1% of creditors, representing 94.6% of the $196 million in approved claims, voted in favor of the proposed restructuring plan. This plan includes the creation of tradable Recovery Tokens, with periodic buybacks, and the launch of a decentralized exchange.

WazirX’s WRX token has shown minimal change over the last 24 hours.