Despite these proposed recovery measures, skepticism remains among users regarding the likelihood of real recovery, particularly since the stolen funds have not yet been recovered.

As part of the recovery plan, WazirX will issue recovery tokens (RTs) and facilitate distributions through RT purchase mechanisms.

If the recovery scheme is approved by a majority vote, net liquid assets will be distributed to users within 10 days, including any market gains.

This court ruling marks an important step in the recovery process, allowing WazirX to discuss the distribution of lost funds with its users.

WazirX, a cryptocurrency exchange owned by Singapore-based Zettai Pte Ltd, has received approval from the Singapore High Court to hold a scheme meeting with users to address a significant $235 million hack that occurred in July 2024.

Key elements of the approved scheme include debt restructuring, token distribution, the launch of a decentralized exchange (DEX), and a profit-sharing structure.

The court determined that there was no substantial evidence linking Zettai to the orchestrated cyber attack, which has been attributed to North Korea's Lazarus Group.

WazirX co-founder Nischal Shetty described the court's decision as a significant milestone towards restarting the platform and urged users to participate in the voting process.

Users are estimated to recover between 75% to 80% of their account balances through the planned token distributions as part of the recovery process.

WazirX will conduct a user voting process expected to conclude within three months, alongside an independent third-party audit.

The court has granted Zettai a 16-week moratorium to provide legal protection during the restructuring process, allowing time for the recovery efforts to take place.

The upcoming online creditors’ meeting will involve voting on the recovery scheme, with Zettai encouraging all users to participate actively.