WazirX Secures Court Approval to Repay Users After $235M Hack

Indian crypto exchange WazirX has secured approval from the Singapore High Court to move forward with its restructuring plan, aimed at compensating users affected by a $235 million cyberattack in July 2024.

The attack, linked to North Korea’s Lazarus Group, devastated the platform, but this court ruling paves the way for recovery.

Under the court-supervised plan, WazirX’s parent company, Zettai, will distribute funds to users through a mix of immediate payouts and recovery tokens, allowing users to regain up to 80% of their balances. These tokens will represent remaining claims and offer future benefits tied to platform profits and recovered assets.

Initial payouts are expected within 10 days of the plan’s activation, pending user approval through a voting process set to conclude in three months.

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Authorities in the U.S., Japan, and South Korea are assisting in efforts to recover additional stolen funds. WazirX has already frozen $3 million in USDT linked to the breach and is pursuing further recovery through collaborative investigations.

This court-backed restructuring ensures WazirX avoids liquidation, offering a path to rebuild user trust and stabilize its operations while introducing long-term recovery measures through tokenized compensation.

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Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.