WazirX, an Indian cryptocurrency exchange which suffered a $235 million cyberattack in July 2024, has announced a restructuring plan aimed at compensating affected users.
Reportedly targeted by North Korea’s Lazarus Group, the exchange has now developed the plan under the supervision of Singapore’s legal system.
In August 2024, Zettai, the parent company overseeing WazirX, submitted a request for a moratorium to the Singapore High Court, suggesting a restructuring plan through a Singapore Scheme of Arrangement.
A Singapore Scheme of Arrangement is a legal procedure sanctioned by the court that companies can utilize to reorganize their debts and obligations. This process permits a company to suggest a binding agreement with creditors, facilitating resolution and preventing liquidation.
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By December 2024, WazirX reported having liquid assets worth $566.4 million USDT, surpassing the total claims of $546.5 million USDT submitted by users in July 2024.
The firm has also launched recovery tokens to address unpaid claims, enabling creditors to gain from the earnings of future platform activities and reclaimed assets.
Fetch.ai launches $10M accelerator for AI agent startups
A crypto artificial intelligence company, Fetch.ai, built on Cosmos, has announced a $10 million accelerator to support startups developing solutions focused on AI agents, quantum computing and high-performance tech.
According to a press release shared with Cointelegraph, the main aim of the accelerator, operating through Fetch.ai’s Innovation is to connect research with real-world applications. This lab, which is centered in San Francisco, London and India, will provide funding, mentorship and access to Fetch.ai’s agent-based technologies to help startups scale globally.
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The CEO of Fetch.ai and chairman of the ASI Alliance, Humayun Sheikh, told Cointelegraph that “agents will not only redefine how we build software but also serve as the execution layer for modern technologies.”
Philippine banks collectively to launch PHPX stablecoin on Hedera
Many banks in the Philippines are collectively working to create a peso-backed stablecoin, PHPX, which is aimed at improving cross-border payments and financial inclusion. The PHPX token is planned to launch between May and July.
This PHPX stablecoin, developed by Singapore-based startup Just Finance, will be introduced on the Hedera decentralized ledger technology (DLT) network.
According to a Ledger Insights report, participating Philippine banks include UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank and Rural Bank of Guinobata. All participants will play a significant role in the governance of the PHPX stablecoin.