WazirX Secures Singapore Court Approval for Restructuring Plan
Crypto exchange secures long-awaited approval to relaunch operations and begin fund recovery process
WazirX, the India-based crypto exchange hit by a massive $234 million hack in 2024, has received final approval from the Singapore High Court for its restructuring plan—marking a major victory for both the company and its users. The ruling clears the way for WazirX to begin reimbursing over 150,000 affected customers and relaunching its trading operations.
Founder Nischal Shetty confirmed the development on X, thanking supporters who stood by the exchange during its turbulent recovery. The decision follows months of negotiations after creditors backed a revised proposal aimed at distributing recovery tokens and restoring user confidence.
The exchange’s troubles began in July 2024, when hackers exploited a vulnerability in its Safe Multisig wallet, draining roughly $234 million worth of digital assets. Investigators have since linked the attack to North Korean hackers using techniques associated with the Lazarus Group. The breach forced WazirX to suspend withdrawals and seek legal protection while formulating a repayment strategy.
Earlier in April, the Singapore High Court delayed approval of a similar plan, citing uncertainties around how recovery tokens would interact with evolving crypto regulations. This latest approval, however, signals regulatory confidence in WazirX’s updated proposal and brings long-awaited relief to its community.
Shetty said the exchange aims to resume operations soon and start distributing funds within 10 days after the plan takes effect. Yet, Kroll director George Gwee, who is overseeing the restructuring process, suggested it may take up to three months before all users receive their assets.
Despite the uncertainty over timelines, the court’s green light marks a crucial step toward restoring WazirX’s credibility and reviving one of India’s largest crypto trading platforms.
