Indian cryptocurrency exchange WazirX has won approval from the Singapore High Court to restructure after the $230 million hack last year.
The High Court allowed WazirX to convene a scheme meeting with users in a “significant step” towards distributing funds lost in the attack and reviving the platform’s operations, the exchange announced via email on Thursday.
If the restructuring plan is approved, funds would be distributed to creditors within 10 business days.
WazirX was hacked by attackers from the North Korean group Lazarus in July, who stole more than 45% of the exchange’s $500 million in holdings. Over the following months, the hackers laundered their ill-gotten gains using the privacy-focused cryptocurrency mixer Tornado Cash.
The Court has determined that there was no evidence of wrongdoing by WazirX in the attack, despite suggestions from some users that WazirX’s parent company, Zettai, had some involvement.
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