Singapore Court approves WazirX restructuring plan, clearing the way for the exchange to resume operations and repay users.
Author: Akshat Thakur
October 13, 2025 — The Singapore Court Approves WazirX Restructuring plan, allowing the India-based crypto exchange to restart operations and begin compensating more than 150,000 users impacted by the $234 million hack in 2024. The ruling by the Singapore High Court marks a crucial step toward recovery for WazirX, which had been under legal and financial strain since the breach.
The restructuring plan backed by creditors earlier this year includes token-based fund distributions and operational revival measures. Under the approved scheme, users are expected to receive compensation through recovery tokens tied to the exchange’s assets.
The Singapore High Court had previously delayed approval over concerns about the legal classification of these recovery tokens under local regulations. After revisions addressing compliance and investor protections, the court granted its approval this week.
WazirX’s troubles began in July 2024, when hackers drained roughly $234 million in assets from a compromised Safe Multisig wallet. Investigations linked the breach to North Korean hacking group Lazarus, known for multiple high-profile crypto attacks.
Following the incident, withdrawals were paused indefinitely. Users faced uncertainty for nearly a year until creditors accepted the revised restructuring plan in April 2025, averting potential bankruptcy and restoring confidence in the platform.
According to WazirX’s founder, operations are set to resume soon, with fund distribution starting within ten days of the scheme taking effect. However, Kroll director George Gwee, who is overseeing the restructuring, said users may have to wait two to three months for full repayment.
Exact repayment timelines remain unconfirmed, though Shetty emphasized the exchange’s goal of completing reimbursements as quickly as possible.
With Singapore Court Approving WazirX Restructuring, the exchange gains a second chance to rebuild user trust and restore market activity. The case also underscores Singapore’s growing influence as a crypto-regulatory hub, balancing investor protection with innovation.
If the repayment process proceeds smoothly, WazirX could re-establish itself as a credible player in Asia’s digital-asset ecosystem, signaling a positive shift in post-hack recovery frameworks.
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