**๐ WazirX Gets Court Approval to Repay Victims of $235M Hack ๐ฐ**
Indian crypto exchange **WazirX** has secured a major victory in the fight for justice, with **Singapore High Court** approving its restructuring plan to repay users affected by a **$235 million cyberattack** in July 2024. ๐ก๏ธ๐ฅ
The hack, linked to **North Korea's Lazarus Group** ๐ฐ๐ต, shook the crypto world, but the court found **no evidence of wrongdoing** by WazirX, clearing the way for user recovery.
### **๐ Key Steps Toward Recovery**
WazirXโs **restructuring plan**, filed by its parent company **Zettai**, includes:
- **75%-80% recovery** of user funds ๐ต via token distributions.
- **Avoiding liquidation**, so users benefit from future growth ๐.
### **How It Works ๐**
- **User Voting**: A process where users can vote on the plan ๐, set to conclude within 3 months.
- **Payouts**: Initial payouts within **10 days** after approval โฐ, with funds tied to **recovery tokens**.
- **Future Profits**: Tokens will allow users to share in future platform earnings ๐ธ.
### **๐ฅ Why It Matters**
- A **quick resolution** is prioritized to ensure a fast recovery for users ๐.
- WazirX is **freezing $3M USDt** of stolen funds and working with global authorities ๐ to recover additional assets.
- The recovery includes a **3-year buyback program** ๐ funded by platform profits.
This is a bold move by WazirX to restore trust and recover lost fundsโmaking sure users arenโt left behind. ๐ Letโs see how this unfolds! ๐
