Crypto Giant WazirX Plans User Meeting for Recovery Scheme Post USD 230M Heist

The Singapore High Court has allowed Zettai Pte Ltd, the parent company of cryptocurrency platform WazirX, to convene a creditor meeting. This is part of a plan to recover over USD 230 million stolen in a 2024 cyberattack. The meeting will focus on a recovery scheme involving recovery tokens and platform restructuring.

The Singapore High Court has given Zettai Pte Ltd, the parent company behind WazirX cryptocurrency exchange, the green light to call a meeting with its platform users. The aim is to discuss a scheme designed to expedite the recovery of more than USD 230 million of stolen assets.

Zettai filed the court application on December 6, 2024, seeking approval to meet with users for presenting and voting on a proposed scheme to offer swift and fair recoveries for unsecured creditors affected by the July heist.

The court provided a 16-week moratorium to Zettai, granting the time and protection needed for the restructuring process. Additionally, the court authorized changes to the scheme meeting process, promoting broader participation. Creditors' meetings will be conducted online, with electronic voting on the scheme. Zettai plans to give further details soon.

(With inputs from agencies.)