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- Singapore High Court to review WazirX’s recovery plan nearly a year after the $230M crypto hack.
- 93.4% of WazirX users support the restructuring proposal aimed at returning 85% of stolen funds.
- Users may begin receiving partial refunds within 10 business days if the court approves the recovery plan.
The long wait for WazirX users could soon be over as the Singapore High Court plans to consider the recovery plan of the platform on May 13. This marks a crucial point for India’s biggest crypto exchange, which faced much criticism after hackers stole $230 million in July 2024.
The breach caused a sudden loss of $286 million in digital assets. Several users quickly blamed the Lazarus Group, a North Korea-tied cybercriminal group. The platform responded by freezing over 55 percent of the user money, including assets worth approximately ₹2,500 crore. The exchange suspended trading a few moments after the attack.
This action blocked users from accessing their holdings and created all-encompassing mistrust in the exchange’s workings. Users lost trust in the platform in a single night.
WazirX submitted its restructuring proposal for judicial review almost a year later. If the court approves it, users may finally receive their stolen funds. The exchange undertakes to return 85 percent of lost assets according to users’ balances during hacking.
Majority of Users Support the Recovery Plan
WazirX has informed us that the affected user base voted for the proposed plan (with a 93.4 percent approval rating). Such high agreement reflects an important base for the recovery mission.
The company will pay within ten days after the court approves the plan. This timeline relieves users who have been stranded for months pondering.
The 15 percent of funds that remain unrecovered are still uncertain. The company has not set a clear path to recovery of the remaining assets.
This disorientation is still coloring the process for many users black. The prolonged waiting has tested the community’s patience.
Due to its ruling, the court’s pronouncement will determine the future image that WazirX is likely to project in India’s crypto industry. Thousands of users now watch in suspense, hoping that this move will at last bring long-awaited refunds.
While users experience a new spirit of optimism, their trust in the platform will entirely depend on how WazirX handles the next stage of recovery.
