Thousands of WazirX users may soon receive long-awaited relief as the Singapore High Court begins reviewing the exchange’s recovery plan. This development comes nearly a year after a $230 million hack disrupted India’s largest cryptocurrency trading platform.
In July 2024, WazirX suffered a significant security breach that resulted in the loss of crypto assets worth ₹2,000 crore. Soon after, investigators identified the Lazarus Group, a North Korean-linked hacking network, as a likely suspect in the attack.
After the breach, the exchange locked more than half of the user funds, affecting almost ₹2,500 crore. Trading ops were stopped, excluding users and causing concerns about the security of their digital assets.
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To address the fallout, WazirX developed a restructuring plan and filed it at the Singapore High Court. The proposal targets returning 85 percent of the stolen assets to users based on their holdings before the hack.
Recent reports from WazirX show that the majority of the platform’s community is in agreement with this plan. About 93.4 percent of the users approve of the recovery strategy. This consensus speaks of the strong support of the affected users, who are anticipating immediate implementation.
User Confidence Hinges on Court Approval and Payout Execution
If the Court approves the plan, WazirX will commit to beginning fund disbursement within ten business days. This timeline gives users a renewed sense of hope after months of financial uncertainty.
However, the remaining 15 percent of the lost funds still lack a defined path to recovery. The company has not yet provided a clear explanation or timeline for when or how the funds could be restored.
While the Court looks at the proposal, WazirX users are quietly hopeful. To many, this legal review is the much-needed turning point of their struggle to recover from the platform’s biggest crisis ever recorded.
The Court’s decision will decide whether the affected WazirX users will finally regain a considerable portion of their frozen assets. For most people, this review is the first real opportunity to be closed about this devastating hack finally.
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