The High Court of Singapore has officially approved the restructuring plan for the cryptocurrency exchange WazirX, which was affected by a massive hack in 2024. This move will allow over 150,000 users of the exchange to receive compensation for lost funds that were frozen for a year following the incident.
This is reported by Finway
Restoration of Operations and Compensation for Affected Users
The court ruling was made possible after creditors supported the updated restructuring scheme. It is noted that WazirX will implement a tokenized mechanism for compensating affected users and plans to gradually restore the operational activities of the platform. Currently, the official payment schedule has not yet been released.
“Thank you to everyone who supported WazirX during this challenging time. The High Court of Singapore has approved our scheme. It is your support and love that made this possible,” he wrote.
Details of the Hacker Attack and Investigation
Recall that in July 2024, due to the hacking of the Safe Multisig wallet, WazirX lost approximately $234 million, after which it was forced to suspend all withdrawal operations. It later became known that the North Korean group Lazarus was involved in the attack, as characteristic hacking methods were used.
Following the incident, the exchange sought assistance from the police and specialists from the Computer Emergency Response Team, and also canceled all transactions made from July 18 to 21, 2024. In November 2024, the Delhi police arrested a suspect in connection with the crime.
Over the course of the year, representatives of WazirX underwent complex legal procedures to return funds to clients. In April 2025, both users and creditors supported the first version of the restructuring, warned by WazirX management about the risk of delaying payments until 2030 if the plan was rejected. However, at that time, the court did not approve the document, expressing concerns about the regulation of tokenized assets, which could hinder the issuance of recovery tokens.
Now, after final approval by the court, the company can move to the practical stage of payments. According to the exchange’s founder, Nischal Shetty, users can expect to receive compensation within 10 days after the plan comes into effect. Meanwhile, the director of Kroll, the consulting firm overseeing the process, noted that fulfilling all technical and procedural requirements may take another two to three months.
Currently, WazirX has not released an exact payment schedule, but users are already closer to recovering their lost funds. Previously, the exchange received a four-month moratorium on debt collection.