After $234M Hack, WazirX Gets Court Approval For Major Rebuild

Singapore’s High Court has given the green light to a restructuring plan for crypto exchange WazirX, clearing a major obstacle in the company’s effort to repay users after last year’s large ￰0￱ Reading: ‘BNB Isn’t Crumbling’: CZ Slams Critics Stirring Fear And Doubt According to reports, the court’s approval on October 13 allows the exchange to move ahead with a court-supervised recovery process tied to the $234 million hack that hit the platform in July ￰1￱ Vote And Numbers Based on reports from the company, the revised plan won broad backing from affected account ￰2￱ an August revote, 95.7% of participating scheme creditors voted in favor, and those votes came from 143,190 participating creditors representing about $196 million in approved ￰3￱ strong turnout and result were used by WazirX to press its case to the Singapore ￰4￱ you to everyone who supported this difficult phase of ￰5￱ Singapore High Court has approved the ￰6￱ 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 hack itself exploited a Safe Multisig wallet in mid-July 2024 and drained a large pool of user ￰7￱ and media accounts linked the breach to advanced cyber operators, and the theft forced WazirX to freeze both crypto and rupee withdrawals while legal options were ￰8￱ Users Will Receive According to several outlets, users may recover a substantial portion of lost funds under the approved ￰9￱ have said recoveries could reach up to 55% of the losses, delivered as a mix of immediate liquid payments and so-called Recovery Tokens that represent remaining claims to be fulfilled over ￰10￱ has said the first wave of payouts — in stablecoin or USDT equivalent — would follow once the scheme takes ￰11￱ mix means some users will get cash-equivalent payments quickly while others will hold tokens that the company intends to redeem as it regains assets or generates ￰12￱ plan shifts part of the repayment responsibility to entities inside India to comply with local rules, a change that was highlighted during court ￰13￱ road to approval was not ￰14￱ Singapore court had earlier rejected a first version of the scheme after judges raised questions over the plan’s structure and ￰15￱ decision forced WazirX and its advisers to rework the proposal and secure a fresh vote from creditors before returning to ￰16￱ Reading: XRP Traders Face Fresh Selling Pressure As Large Holders Move Out Next Steps And Timeline If the scheme becomes effective under the court’s timetable, WazirX says distributions of available liquid assets will begin within 10 business ￰17￱ window is expected to trigger the initial USDT transfers while RTs are recorded for the remainder of approved ￰18￱ exchange will still need to finish legal formalities and coordinate with payment processors and ￰19￱ image from Pixabay, chart from TradingView