WazirX Relaunch Don Approve After $240M Hack Recovery Plan
WazirX don get approval from High Court of Singapore and ACRA for e $240 million hack recovery restructuring plan after e lock 6.6 million user accounts, wit 95.7% creditor support. Di ruling unfreeze $234 million assets and e pave road for users to reclaim 75–80% of frozen BTC balances. Payout dem go make via crypto, cash and newly issue Recovery Tokens wey get pro-rata shares of future revenue and recovered funds. Under di scheme, operator Zettai Pte Ltd suppose meet regulatory filings before e go effective. WazirX don join hands wit BitGo to improve custody security. Di exchange dey target relaunch within 10 business days, as e go restore trader confidence and affect BTC liquidity and market sentiment.
Bullish
Di news dey signal big progress towards asset recovery and exchange relaunch. For short term, to unlock $234 million and restore access to frozen BTC balances fit increase trading volume, improve BTC liquidity, and boost market sentiment. To engage BitGo for custody go reduce counterparty risk, dey make trader dem confidence strong. For long term, if recovery plan implement well and Recovery Tokens issue, e fit strong WazirX credibility and set example for hack correction inside crypto industry. This renewed confidence and better liquidity condition dey support bullish outlook for BTC.