WazirX Resurrected: Court’s Green Light After $234M Hack, But Can They Pull It Off?

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Singapore court approves WazirX’s restructuring after $234M hack, enabling partial fund recovery and platform relaunch.

The Singapore High Court, in its infinite wisdom, has granted WazirX permission to move forward with its restructuring plan. And after over a year of biting nails and staring at empty wallets, the exchange can finally start returning the riches stolen in last year’s spectacular $234 million hack. Lucky us, right?

This monumental decision signals the end of a year-long rollercoaster ride for the India-based crypto platform. Finally, it’s time to get back to business… or at least try to. WazirX can now restart operations and begin compensating over 150,000 affected users. And how will they do this, you ask? Well, a delightful cocktail of digital assets and “recovery tokens.” No biggie, right?

WazirX Users Closer to Fund Recovery

It’s been over a year since the hack, and the users have been waiting with bated breath since that fateful July day when hackers managed to snatch up a jaw-dropping $234 million worth of crypto. How did it happen? Hackers exploited a Safe Multisig wallet, of course. Because why not go after a wallet named “safe,” right?

The breach was later traced back to North Korea’s infamous Lazarus Group, a band of merry cybercriminals known for their “robbery of the century” acts on financial institutions across the globe. Not a fan of subtlety, these guys.

WazirX, ever the hero in this drama, immediately started legal proceedings through its parent company, Zettai Pte Ltd., based in sunny Singapore. Multiple restructuring proposals were submitted, and after some back-and-forth, the approval finally arrived. Better late than never, right?

With over 95% of creditors on board, the court has now given WazirX the go-ahead to distribute the recovered assets and dust off its trading platform for a comeback. Because who doesn’t love a good redemption story?

How the Restructuring Plan Works

Under the approved plan, users will get back a modest 55% of their lost funds. What’s on the menu? A mix of 52% in liquid crypto or cash (yay, cold hard cash!) and 48% in recovery tokens, which are *totally* not a gamble on the platform’s future success. I mean, who doesn’t love playing the “maybe I’ll get lucky” game?

These recovery tokens give users the privilege of hitching a ride on WazirX’s potential future profits. But here’s the real kicker: the CEO, Nischal Shetty, says repayment could start within 10 days. But don’t get too excited yet-according to George Gwee from Kroll (the restructuring experts), users may be looking at a 2-3 month wait before those tokens are finally released. Who doesn’t love a good wait, right? 😒

Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme.

It’s your support and love that has made this possible.

Now we set out on the next phase to work hard and create value for everyone. We’re here because of YOU…

– Nischal (Shardeum) (@NischalShetty)

WazirX’s Road to Recovery

Getting back on track hasn’t been easy. After the hack, WazirX found itself in a legal and financial black hole. The exchange was offline for months while it battled through a labyrinth of audits, negotiations, and compliance reviews under new digital asset rules. Not exactly the best way to spend a year.

But now, WazirX plans to take a slow and steady approach, starting with token-based repayments before slowly firing up its trading platform. And to make sure we don’t end up back at square one, the company is working on a decentralized exchange (DEX) to improve security. So, no more hacking “oopsies.” Fingers crossed, folks.

Community Response and Market Reaction

The Indian crypto community is cautiously optimistic about the court’s decision. Some even see this as WazirX’s chance to rise from the ashes, like a phoenix… or maybe a slightly charred pigeon, but we’ll see.

In the aftermath of the announcement, WRX, WazirX’s native token, skyrocketed over 45%. Some traders are clearly betting that the token will be the bellwether for WazirX’s recovery. Buy low, sell high, right? 🙄

Just in: The Singapore High Court has approved the WazirX scheme.

Now, hopefully, no new drama. 🙏

– Pushpendra Singh (@pushpendrakum)

But not everyone’s thrilled. Some victims are a tad skeptical, arguing that WazirX has been dragging its feet. Others wonder if those shiny recovery tokens will hold any real value in the long run. With the platform’s future as uncertain as the next season of your favorite reality TV show, it’s hard to blame them.

Nevertheless, analysts agree that rebuilding user trust will be a Herculean task, but hey, nothing worth doing ever came easy, right?

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2025-10-13 22:16