WazirX receives approval from Singapore court to repay $235 million to victims of hacking attack

WazirX has received approval from a Singapore court to repay $235 million to victims of a hacking incident.

The restructuring plan was proposed by WazirX's parent company, Zettai, aiming to recover creditors through a court-supervised process and avoid liquidation. WazirX estimates that users can recover 75% to 80% of their account balances through token distribution.

According to the court hearing, there is no evidence that WazirX was at fault or acted improperly during the cyber attack.

WazirX will initiate a user voting process, expected to be completed within three months, along with an independent third-party audit. If the majority votes in favor, the plan will be implemented, and net liquid assets will be allocated to users based on their claims within 10 days, including any profits generated during the bull market.