WazirX Secures Singapore Court Approval to Repay Users After $234M Hack

WazirX has received approval from the Singapore High Court for its restructuring plan, allowing the exchange to begin compensating over 150,000 users affected by a $234 million hack last year. The court's decision enables WazirX to restart operations and proceed with token-based fund distributions following a breach of its Safe Multisig wallet in July 2024. Although initial delays were caused by concerns over the recovery tokens' value, the approval marks a significant step forward for the exchange, which has faced numerous legal challenges. WazirX founder Nischal Shetty expressed gratitude for the support received during this process. Following the court's approval, it is anticipated that users could start receiving their funds within ten days after the scheme takes effect. However, a director from Kroll, the restructuring firm involved, suggested that actual repayments may take two to three months. As WazirX works towards recovery, clarity on timelines for repayments remains undetermined at this point.

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