WazirX approved for hack repayments, Tornado Cash sanctions overturned: Law Decoded
A US court has overturned the sanctions on privacy protocol Tornado Cash in a significant legal development for crypto.
The High Court of Singapore has approved the restructuring plan for crypto exchange WazirX, allowing the platform to repay its customers after it was hacked for $235 million in July 2024. WazirX has estimated that users could recover up to 80% of their account balances.
The company will initiate a voting process, which is expected to conclude in three months. If a majority of users vote in favor of the scheme, the plan will be implemented. This will allow the exchange to distribute liquid assets to users based on their claims, including gains from the bull market.
The Singaporean court supported restructuring over liquidation, saying a speedy resolution and distribution of funds would be the best for users.
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Author: Ezra Reguerra
