WazirX Gets Singapore Court Nod to Repay Users Following $234M Hack

Crypto exchange WazirX has received approval from the Singapore High Court to move forward with its restructuring plan. The decision allows the platform to begin repaying users affected by the $234 million hack that occurred in July 2024.

The approval marks a key step in WazirX’s recovery process after months of revisions and negotiations with creditors. It paves the way for the exchange’s token-based repayment plan and the eventual resumption of operations. The proposal had already gained broad support from creditors earlier this year.

Court Approval and Token Repayment

The firm’s founder, Nischal Shetty, shared his appreciation on X, thanking users for their patience during the platform’s most difficult phase. He confirmed that the court had sanctioned the scheme, describing the approval as a result of community support.

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

The court’s decision followed an August 2025 revote in which over 95% of participating creditors supported the revised plan. The approval came after the court had earlier rejected a version due to uncertainties surrounding Singapore’s digital asset regulations.

With the court’s clearance now in place, WazirX can begin executing its repayment roadmap. Shetty indicated that users might start receiving repayments within ten days of the plan’s implementation.

Under the scheme, token distributions will commence once the firm restarts operations. The exchange estimates that users could recover between 75% and 80% of their account balances lost during the breach.

Hack Aftermath and Recovery Efforts

WazirX paused withdrawals after the July 2024 breach, which targeted a Safe Multisig wallet used to store funds. Investigators later linked the exploit to the North Korean hacking group Lazarus, known for its attacks on global crypto platforms.

In response to the incident, the exchange developed a revised restructuring plan that resolved earlier legal concerns and clarified the structure for distributing recovery tokens.

WazirX has yet to announce a specific timeline for repayments, but confirmed that technical and operational recovery work is in progress. The exchange aims to rebuild user confidence and strengthen its position after suffering one of India’s largest crypto-related security incidents.

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