India’s largest cryptocurrency exchange, WazirX, is in the final leg and awaiting the court’s approval to restart trading. The leading exchange is moving closer to a relaunch after securing full creditor backing by implementing its restructuring plan. 95.7% of voting creditors approved the amended restructuring plan, making way for the platform to recommence.

For the uninitiated, WazirX was hacked by a scammer in July 2024 and drained out $235 million worth of funds. The cryptocurrency exchange halted all trading activities after facing a court injunction. Also, the investigation revealed that the majority of the funds were siphoned to North Korea, and the firm was unable to recover the amount.

Also Read: BTCS Announces To Pay Shareholders a Dividend of $0.05 in Ethereum

Since then, users have been unable to buy or sell their cryptocurrencies, and it remains frozen in the restructuring plan. Traders are eagerly waiting for the legal woes to end so they can recover their invested amount. It’s been more than a year since they’ve had to part with their funds traded in the exchange.

“95.7% of voting Scheme Creditors supported the Amended Scheme of Arrangement. This outcome reaffirms the strong support shown in the first round of voting and reflects our community’s continued confidence in the restructuring plan. Under the amended scheme, the distribution of recoveries to scheme creditors will be managed through Zanmai India, a reporting entity under the Financial Intelligence Unit of India,” read the statement from WazirX on restarting the cryptocurrency platform.

Also Read: Crypto Exchange Gemini Trust Files for New IPO Offering

WazirX Cryptocurrency Exchange Relaunch a Breather For 16 Million Users

The WazirX cryptocurrency exchange has over 16 million registered users, with 6 million of them being active traders. All of these came to a halt after cybercriminals from North Korea exploited the exchange and stole customers’ funds. Investors’ portfolios remained “as is,” and all accounts were frozen by the exchange after a court injunction. After 13 months of inactivity, traders are now waiting for the court to allow WazirX to resume trading.