Crypto exchange WazirX has received approval from the Singapore High Court for its restructuring plan, clearing the path for user repayments following last year’s $234 million hack.
The decision comes weeks after creditors endorsed a revised proposal, enabling WazirX to move forward with its recovery, including token-based fund distributions and the gradual revival of its operations.
“Thank you to everyone who supported us through this difficult phase. The Singapore High Court has approved the scheme,” WazirX founder Nischal Shetty wrote on X. “Your support and trust have made this possible.”
The court’s approval marks a major milestone for the India-based exchange, which has spent over a year navigating legal hurdles to return funds to more than 150,000 affected users.
WazirX Users Move Closer to Fund Recovery After $234 Million Hack
WazirX lost approximately $234 million in crypto assets in July 2024 following a breach of its Safe Multisig wallet, forcing the exchange to halt withdrawals.
The attack has been linked to North Korean hackers, with analysts noting techniques commonly associated with the Lazarus Group.
In April, WazirX creditors approved a recovery scheme after the exchange warned that failure to do so could delay repayments until 2030. However, the Singapore High Court initially rejected the proposal, citing concerns about how the recovery tokens—intended to compensate users—would be affected by upcoming regulations for digital token service providers.
WazirX Eyes Swift Restart, But Repayment Timelines Vary
With the court’s recent approval, users are now closer to recovering their funds after more than a year of waiting.
On Aug. 20, founder Nischal Shetty said the exchange would be revived and users could receive funds within 10 days of the scheme taking effect.
While Shetty expressed optimism about a rapid turnaround, George Gwee, director at restructuring firm Kroll, which is assisting WazirX, cautioned that users may have to wait two to three months after approval before funds are disbursed.
As of now, WazirX has not provided a definitive timeline for when repayments will begin.
