WazirX CEO Proposes Revised Recovery Plan Following $230M Hack

WazirX CEO Nischal Shetty has unveiled a revised recovery proposal now under review by the Singapore High Court after the initial plan was rejected. The new approach could enable fund distribution within weeks, offering hope to users affected by the $230 million hack nearly a year ago.

The court's reconsideration comes with a stipulation: creditors must revote on the amended proposal. Key changes include shifting fund distribution responsibilities from Singapore-based Zettai to Zanmai, an Indian firm already handling INR-crypto pairs on WazirX. This MOVE may streamline regulatory compliance given Zanmai's registration with Indian authorities.

Shetty anticipates swift action upon creditor approval, with voting dates to be announced imminently. The outcome could mark a turning point in one of India's most significant crypto exchange breaches.