PANews reported on January 23 that according to Cointelegraph, the Indian crypto exchange WazirX has been approved by the Singapore High Court for its restructuring plan, paving the way for the repayment of $235 million in user funds stolen by the North Korean Lazarus Group in July 2024. According to the plan, users are expected to recover 75%-80% of their account balances through token distribution.
The restructuring plan was submitted by WazirX's parent company Zettai, which aims to avoid liquidation and restore creditors' rights through a court-supervised process. The initial compensation will be completed within 10 working days after the plan is adopted, and the remaining claims are linked to newly issued "recovery tokens", which will be repurchased through platform revenue and asset recovery.
WazirX has frozen some of the stolen funds and is working with multiple governments to track down the remaining assets. The court said a quick resolution and distribution of funds is in the best interest of users and supported the option of reorganization over liquidation.
