WazirX Users Could Finally Get Funds Back As Court Reverses Ruling

The Singapore High Court reversed a previous decision, allowing WazirX, an Indian crypto exchange, to hold a new vote on its restructuring plan. This plan aims to redistribute crypto funds to users who have been unable to access them since the platform suspended deposits and withdrawals roughly a year ago due to a $234 million hack linked to North Korean hackers. The original restructuring proposal was rejected due to regulatory concerns and the involvement of a Panama-based company. The revised plan proposes that Zanmai Labs, the Indian entity behind WazirX that manages the Indian Rupee (INR) component of the platform, will handle fund distribution instead of Zettai. If creditors approve the amended plan and the court sanctions it, WazirX intends to reopen its platform.