The High Court of Singapore has given WazirX’s restructuring plan its final approval. This is a big step toward getting the platform back up and running and paying back the more than 150,000 users who were affected by last year’s $234 million breach.
What happened and why it matters
A hack of a Safe Multisig wallet in July 2024 shook WazirX, taking away about $234 million in crypto assets and stopping withdrawals.
Later, investigators connected the attack to Lazarus-style methods, which are often linked to cyber activity linked to North Korea.
After more than a year of dealing with legal issues and creditor concerns, the court’s approval paves the way for a structured recovery: users will pay back their debts, tokens will be distributed, and the exchange will eventually reopen for business.
What has happened recently and what will happen nextEarlier this year, creditors agreed to a new plan, but the court didn’t approve it right away because there were concerns about how recovery tokens would work with new rules for digital token service providers.
WazirX is now ready to move on to the next step: giving users recovery tokens and bringing back trading services.
Nischal Shetty, the founder, thanked everyone who helped make the milestone possible, including the community, creditors, and stakeholders.
People who watch the industry have talked about timing. WazirX and Kroll, the company that is helping it restructure, have suggested a wide range of dates for when payments will be made. Some early statements suggested a quick cycle, with some saying that repayments could start within days of the scheme going live. However, others warned that users might still have to wait a few weeks to a few months before the money actually gets to their wallets.
What users can expect in the future
The plan calls for token-based distributions to make up for the damage done to those affected by the breach. The speed and amount of reimbursements will depend on the exact structure, value, and eligibility criteria of these tokens.
Once the plan goes into effect, administrators expect to bring back exchange operations, allow withdrawals, and eventually start trading again under a new set of rules.
As is always the case with these kinds of plans, the exact schedule depends on getting the rules in line, getting the technology set up, and making sure that the token distributions go smoothly.
Important points to remember
The Singapore High Court’s approval is a big step forward. It means that refunds can officially start and WazirX’s services can start up again.
The recovery story still depends on how the government handles things and how the technical rollout of token-based compensation goes.
As the plan moves forward, community patience and ongoing oversight will continue to be very important.
