A year after the cyberattack against a multi-signature wallet that led to the loss of assets worth over $230 million, the cryptocurrency exchange WazirX stressed that it was committed to distributing users’ crypto as soon as possible via a restructuring exercise and a new vote.

The compromised wallet was managed with another company called Liminal, with both it and WazirX blaming each other for the vulnerability that was later exploited by North Korean cybercriminals. When the hack took place last July, WazirX was criticised for being slow to communicate the details of the incident to its users, and for causing confusion by locking up their funds after the breach.

This January, WazirX said it had frozen the first tranche of stolen assets, worth around $3 million.

The exchange took its restructuring exercise to the Singapore legal system despite marketing itself as an Indian crypto exchange, and pushed for a moratorium that would protect it from being hit with legal action.

WazirX stressed that 93.1% of creditors voted in favour of the initial restructuring scheme.

The exchange announced this week that the Singapore High Court has set aside an earlier order on the matter where it rejected WazirX’s proposed restructuring plan, and has allowed a revote to be conducted based on an amended scheme.

“This change requires a revote to reflect the updated framework, and we are ready. We have committed to speed from the start. Once the voting is over, the distribution of assets will take place within a few weeks,” said WazirX in its post.

The company further announced that in order to comply with updated legal and operational standards, it implemented a new structure that would see the FIU-registered Zanmai India entity managing the distribution of assets once its Scheme is approved and sanctioned by the court.

“We moved fast, engaging global cybersecurity experts, collaborating with authorities, and securing a moratorium from the Singapore High Court to responsibly rebuild under legal oversight. We stayed transparent, hosting eight public townhalls, answering thousands of community questions, and partnering with top custodians like BitGo and Zodia Custody to strengthen asset security,” said WazirX in its post.

However, the lack of swift and decisive action from the Indian authorities has upset a large section of WazirX customers from the same country, with many questioning why the status of their invested crypto is still being debated in a foreign court. Others are desperate to regain access to their crypto before prices crash, but the legal proceedings are ongoing.

WazirX noted that its focus areas were to restore trust, distribute assets, and restart operations safely.