Indian cryptocurrency exchange WazirX which was hacked in the middle of last year. Originally hacked by North Korea Lazarus group and this time this Indian exchange was subjected to massive cyber attack and as a result huge amount of money was stolen from customers. However, the Indian exchange has received approval from the Singapore High Court for its restructuring plan. This enabled repayment of customer funds stolen in a massive cyber attack last year. The approval was received and approved by the Singapore High Court under the Companies Act 1967 two days ago. The Singapore High Court approved WazirX's plans under the Companies Act. A $235 million cyber attack by North Korea's Lazarus Group paves the way for crypto exchanges to recover.
[source](https://pixabay.com/photos/crypto-cryptocurrency-regulation-6722635/)
WazirX has set a goal for this restructuring and that goal is to recover from creditors and avoid liquidation through a court-supervised process. Because this exchange authority of India estimates that users can recover 75% to 80% of their account balance through token distribution. However, since the theft, the Indian exchange authorities have continued their efforts in various ways. However, the court confirmed whether they were responsible for the theft and, according to court hearings, claimed that there was no evidence of wrongdoing or misconduct by WazirX in the cyber attack.
This follows a joint statement by the governments of other powerful countries such as the US, Japan and South Korea linking North Korea's Lazarus Group to the breach of WazirX's platform. However, the Indian exchange authority is announcing that it will start a user voting process and that voting process is expected to be completed within three months.
And this voting process will end with an independent third-party audit. Basically this voting process will be to implement a scheme. If there is a majority vote, the scheme will be implemented, and within 10 days. This is because the net liquid assets will be distributed among the users based on their claims along with the future bull market and the profit from this bull market.
Cooperative efforts with U.S., Japanese, and South Korean authorities to identify and bring to justice those involved in the attacks, as well as recover additional assets, are ongoing. The restructuring is being done under the Singapore Scheme of Arrangement, a legal framework that allows companies to propose binding agreements with creditors. The court noted that a speedy resolution and speedy disbursement of funds would be the best outcome for users. It also supported restructuring over liquidation, citing financial projections from Kroll.
However, users who were affected have been assured that their money will be refunded and the exchange plans to compensate affected users by introducing recovery tokens. These tokens represent residual claims and allow lenders to benefit from future platform profits and recovered assets. However, if you want to know more details about it, then you can read this [news](https://cointelegraph.com/news/wazirx-singapore-court-approval-repay-235m-hack-victims) .
