WazirX receives court approval for its restructuring plan after a $234M hack. The exchange will relaunch in 10 days, begin token distribution, and repay users.
The Singapore High Court has approved WazirX’s long-awaited restructuring plan, a major step forward in the exchange’s recovery from the $234 million hack that halted operations in July 2024.
The ruling ends months of uncertainty and provides WazirX with a court-sanctioned path to resume trading and settle creditor claims.
Approval followed a creditor vote on a revised proposal outlining the procedures for token distribution and platform relaunch under court supervision.
WazirX Court Timeline
Following the decision, Zettai will file the court order with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). WazirX is scheduled to relaunch within 10 working days. The next phase includes resuming trading, distributing recovery tokens, and initiating user repayments.
Nischal Shetty acknowledged the court’s decision in a social media post, describing it as a win that ends prolonged legal ambiguity and allows the company to advance its recovery strategy.
WazirX Early $230 Million Hack
The July 2024 cyberattack drained nearly $230 million from the accounts. The U.S. Department of State later attributed the breach to North Korea’s Lazarus Group. The incident wiped out roughly half of the exchange’s assets and left thousands of users unable to access their funds.
Since the attack, the company has explored several restructuring options to stabilize its finances and secure creditor support. The now-approved plan provides the first clear legal framework for repayments and a full operational restart.
Recovery Token and Repayment
Under the plan, the exchange will issue recovery tokens and establish a claims mechanism to connect users with their scheme entitlements. Token distribution to eligible creditors will begin after legal effectiveness and platform relaunch, with updates to be communicated through their official channels.
As the exchange resumes operations, the recovery framework aims to balance a swift return to service with strong operational safeguards.
