Singapore court approves WazirX restructuring plan after $234 million hack

Key points:

• The Singapore High Court has approved the restructuring of WazirX following a $234 million hack.
• The approval allows the exchange to begin payments to more than 150 000 affected users.
• The WazirX team plans to relaunch the platform in the coming months.

The WazirX cryptocurrency exchange has received approval from the Singapore High Court for its restructuring plan following a hack that resulted in the theft of approximately $234 million in July 2024. The court’s decision paves the way for the company to resume operations and begin paying compensation to more than 150 000 affected users.

The approval came a few weeks after creditors backed the revised plan. WazirX will now be able to distribute funds in tokens and launch a recovery program.

The exchange’s founder, Nischal Shetty, confirmed the news in a post on X:

“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.”

Source: x.com

Consequences of the attack and the struggle for approval

WazirX suspended withdrawals after hackers broke into the Safe Multisig wallet, stealing $234 million in assets. The investigation revealed that the attack was likely carried out with the involvement of the North Korean group Lazarus, which has been implicated in similar incidents.

How to launder $1,5 billion worth of crypto in 5 easy steps. Lazarus Group case

Crypto exchange Bybit managed to block only $42,8 million. This is less than 3% of the total value of stolen assets

Read more

In April 2025, creditors approved the first version of the plan, but the court rejected it, expressing concerns about the status of recovery tokens under future regulations for digital asset providers. The new version of the document addressed these concerns, which allowed it to be approved.

What to expect

According to Shetty, once the court-approved restructuring plan takes effect, users will be able to receive their funds within 10 days. However, representatives of Kroll, the company overseeing the restructuring process, believe that actual payments may take two to three months.

Kroll Director George Gwee noted that the scheme provides for the gradual distribution of funds, and the exact date of the start of payments will be announced separately.

At the time of publication, WazirX had not disclosed a timeline for the full restoration of operations.