WazirX exchange expects to restart in May, awaiting approval from Singapore courts

TechFlow news, April 22 — According to Cointelegraph, Indian cryptocurrency exchange WazirX is awaiting a hearing at the Singapore High Court on May 13 for permission to restart operations and initiate its user compensation plan. The exchange suffered a North Korean hacker attack in July last year, losing $234 million in crypto assets, which led to suspension of all withdrawals. Over 90% of creditors have voted in favor of its restructuring plan, which includes issuing recovery tokens expected to return 75%-80% of users' account balances. If approved, WazirX will resume operations within 10 business days. Meanwhile, India's Supreme Court has dismissed a lawsuit filed by 54 victims, stating that cryptocurrency policy issues fall outside its jurisdiction.