WazirX, a popular cryptocurrency exchange, has recently announced a major restructuring plan that has been approved by the Singapore High Court. This move is a significant step towards recovering the user funds that were stolen in a massive hack worth $235 million. The hack has been linked to the notorious North Korean hacking group, Lazarus Group.

The restructuring plan involves the creation of a new entity, WazirX Pte Ltd, which will take over the operations of the exchange. This new entity will be responsible for managing the recovery of the stolen funds and ensuring the safety and security of user assets in the future. The plan also includes the appointment of a new board of directors and a chief restructuring officer to oversee the process.

The hack, which took place in May 2021, was a major blow to WazirX and its users. It resulted in the loss of millions of dollars worth of cryptocurrency, leaving many users devastated and skeptical about the future of the exchange. However, with the approval of the restructuring plan, there is renewed hope for the affected users.

The involvement of the Singapore High Court in the approval of the plan is a testament to the seriousness of the situation and the commitment of WazirX to make things right for its users. The exchange has also assured its users that it will continue to work closely with law enforcement agencies to track down the perpetrators and recover the stolen funds.

This restructuring plan is a crucial step towards restoring the trust and confidence of WazirX’s users. It shows the exchange’s determination to overcome this setback and emerge stronger and more secure. With the support of the Singapore High Court and the new management team, WazirX is on the path to recovery and is committed to providing a safe and reliable platform for its users to trade and store their cryptocurrency.