Quick Breakdown
- Singapore High Court approves WazirX’s restructuring plan for post-hack recovery.
- The exchange lost $234M in July 2024 to a Lazarus-linked hack.
- User repayments could begin within weeks, though timelines remain uncertain.
WazirX wins court approval to begin repayments
Crypto exchange WazirX has received the green light from the Singapore High Court for its long-awaited restructuring plan, clearing the path for user repayments following the $234 million hack that struck the platform in July 2024.
The approval marks a major milestone after months of negotiations and revisions to the proposal, which was endorsed by creditors earlier this year. With the court’s nod, the exchange can now proceed with its recovery roadmap — including token-based fund distributions and plans to restart operations.
Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme.
Its your support and love that has made this possible ❤️
Now we set out on the next phase to work hard and create value for everyone. We’re here because of YOU…
— Nischal (Shardeum) 🔼 (@NischalShetty) October 13, 2025
WazirX founder Nischal Shetty expressed gratitude in a post on X, saying,
“Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme. It’s your support and love that has made this possible.”
A long road to recovery
The decision comes more than a year after WazirX was forced to pause withdrawals due to the massive exploit involving a Safe Multisig wallet breach. The incident impacted over 150,000 users and was later linked to North Korean hacker group Lazarus, known for targeting crypto platforms globally.
An earlier restructuring proposal, introduced in April, had also won creditor approval but was rejected by the court due to uncertainties surrounding the treatment of recovery tokens under Singapore’s evolving digital asset regulations. The revised plan addressed those concerns, ultimately winning judicial clearance.
Repayment timeline still unclear
While Shetty hinted that users could receive their funds within 10 days of the plan taking effect, experts remain cautious. George Gwee, director at restructuring firm Kroll, noted that it could take two to three months after approval before repayments actually commence.
As of now, WazirX has not released a definitive timeline for fund disbursements but has confirmed that recovery operations are underway. The exchange aims to restore user trust and reestablish its position in the digital asset ecosystem after one of the largest crypto hacks in India’s history.
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