A Singaporean court has granted WazirX, an Indian crypto exchange, permission to organize a meeting with customers affected by the July 2024 hack, according to a blog post on the platform’s website.

During an online assembly, representatives of Zettai—the Singapore-based operator of WazirX—intend to discuss with users a debt restructuring plan and compensation payouts.

The team is considering:

Distributing rebalanced liquid assets of the exchange,
Issuing special recovery tokens (RT), which will be allocated to those who lost funds and later repurchased to compensate victims,
Financing the RT buyback from a portion of the exchange’s operational income.

Developers also plan to reactivate the WazirX platform, introducing its own DEX and other new features.

A proposal will be put to a vote among creditors. If a majority approves, WazirX promises to distribute liquid assets within 10 days.

“I am grateful the court allowed us to hold a [compensation] scheme meeting and acknowledged our efforts. We will leave no stone unturned to ensure prompt user reimbursement, and we urge everyone to vote in favor of this plan,” said Nischal Shetty, founder of WazirX.

The court granted the exchange operator a 16-week moratorium to conduct necessary procedures.

Background

Coordinated efforts by authorities in the U.S., Japan, and South Korea identified Lazarus, a North Korean hacker group, as the likely culprit behind the attack—an assessment shared by Elliptic analysts.

About $3 million in stablecoins tied to the hack have been traced and frozen.

Context

Over the course of 2024, cybercriminals inflicted losses of $3+ billion on the crypto industry, making the WazirX hack the third-largest attack of the year.