WazirX awaits Singapore Court approval for its restructuring scheme to compensate stolen user funds. Crypto exchange WazirX seeks sanction from the High Court of Singapore for the proposed “Scheme of Arrangement”. Wazir stated on X:
“Zettai [Wazir’s parent firm] has completed all prior required steps, and the next key step is the sanction hearing, which the Singapore High Court has scheduled for 13 May 2025. This hearing is essential for the Scheme to become legally effective.”
At the outset, the Scheme of Arrangement, which was put to public voting, was received with strong approval. Creditors with crypto balances on the WazirX platform were eligible to vote on the Kroll Issuer Services platform from March 19 to March 28. At the end of the voting session, the schema was received with strong approval. “In total, 141,476 Scheme Creditors representing USD195,650,529.03 in Approved Claims cast a vote.
Of Scheme Creditors who voted, 131,659 Scheme Creditors representing USD184,997,156.31 in Approved Claims cast a Scheme Vote ‘FOR’ the Scheme. This represents 93.1% by count and 94.6% by value of voting Scheme Creditors in support of the Scheme.”
On July 18, 2024, WazirX came under an attack that resulted in a breach of approximately $230 million, accounting for 50% of the exchange’s assets. Although there isn’t clear evidence to prove that it was the Lazarus group, an expert forensic analysis suggests it to be this notorious group.
“The breach occurred as a result of a sophisticated attack that involved modifying the required signatures to authorize transactions from the hot wallet to one controlled by the attacker. This was achieved by the hacker persuading multiple current signatories to alter a smart contract that would have otherwise prevented this unauthorized activity.”
