Singapore court approves WazirX’s restructuring after $234M hack, enabling partial fund recovery and platform relaunch.
The Singapore High Court has given final approval to WazirX’s restructuring plan. The exchange is now allowed to move forward with repaying users affected by last year’s $234 million hack.
The decision stands as the end of more than a year of uncertainty for the India-based crypto platform.
WazirX can now restart operations and begin compensating more than 150,000 affected users through a mix of digital assets and recovery tokens.
WazirX Users Closer to Fund Recovery
The approval is a major relief for users who have waited since July of last year, when the exchange suffered one of the largest crypto thefts in Asia. Hackers exploited a Safe Multisig wallet and stole roughly $234 million worth of crypto assets.
Investigations later linked the breach to North Korea’s Lazarus Group, which is known for several large-scale cyberattacks on financial institutions worldwide.
After the incident, WazirX started legal proceedings through its parent company, Zettai Pte Ltd., which is registered in Singapore. The exchange submitted multiple restructuring proposals to regulators and creditors before securing approval this month.
More than 95% of participating creditors supported the latest plan. The court’s decision now allows WazirX to distribute the recovered assets and revive its trading platform.
How the Restructuring Plan Works
Under the approved plan, affected users will recover around 55% of their lost holdings. The repayment will come through a mix of 52% in liquid crypto or cash and 48% in recovery tokens linked to WazirX’s future earnings.
The recovery tokens will allow users to benefit from the exchange’s long-term growth, and will give them a stake in future profits once operations resume.
WazirX CEO Nischal Shetty previously noted that repayments could begin within ten days of the court’s decision. However, George Gwee, a director at restructuring firm Kroll working with WazirX, noted that users might need to wait two to three months before funds are released.
Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme.
Its 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) October 13, 2025
(@NischalShetty) WazirX’s Road to Recovery
The exchange’s path back to full operations has been challenging. After the hack, WazirX faced legal and financial hurdles that forced it offline for months.
The restructuring process in Singapore involved negotiations, audits and compliance reviews under new digital asset rules.
Now, WazirX plans to relaunch services gradually, starting with token-based repayments before reopening its trading platform. The company is also working on a decentralised exchange (DEX) to improve security.
Community Response and Market Reaction
The Indian crypto community has reacted positively to the court’s decision. Many see it as a turning point for WazirX, once one of India’s largest trading platforms.
WRX, WazirX’s native token, surged over 45% in the hours after the announcement. Traders view the token as a proxy for confidence in the platform’s recovery.
Just in : The Singapore High Court has approved Wazirx scheme.
Now hopefully no new story.
— Pushpendra Singh (@pushpendrakum) October 13, 2025
Still, some victims are sceptical and accuse the exchange of moving too slowly and providing limited communication. Others also question whether recovery tokens will hold value over time, considering the uncertain pace of the exchange’s relaunch.
Despite these concerns, industry analysts agree that regaining user trust will be hard, but important for WazirX’s comeback.
The post Crypto News: WazirX Gets Go-Ahead To Restructure From Singaporean Court After $234M Hack appeared first on Live Bitcoin News.