

출처: Block Media
Singapore High Court Greenlights WazirX Restructuring Plan: A New Chapter for the Crypto Exchange
The Singapore High Court has formally approved the restructuring plan of WazirX, a prominent cryptocurrency exchange, marking a pivotal step in its path to recovery following a $234 million hacking incident in July 2024. This court decision unlocks the opportunity for WazirX to resume its operations and address the long-standing financial losses of over 150,000 users affected by the cyberattack.
Court Approval: A Turning Point in WazirX's Restructuring Efforts
The restructuring plan’s approval by the Singapore High Court is a watershed moment in WazirX's yearlong journey to regain stability. Notably, this approval comes just weeks after creditors lent their support to an updated version of the recovery plan. Now, WazirX is moving ahead with its next objectives, which include distributing funds to users through a token-based mechanism and fully relaunching its trading platform.
Expressing his gratitude, Nischal Shetty, WazirX’s co-founder, shared his optimism on X (formerly Twitter). “Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme. Your support and love made this possible. Now we set out on the next phase to work hard and create value for everyone,” Shetty stated.
The $234 Million Hack and the Fallout
The company's legal and financial struggles stem from a cyberattack in July 2024 when hackers exploited WazirX’s Safe Multisig wallet. This breach resulted in the theft of approximately $234 million in digital assets, compelling the exchange to halt withdrawals and temporarily suspend its operations.
Cybersecurity analysts later linked the hack to tactics characteristic of the infamous North Korean cybercrime group, Lazarus. These allegations heightened scrutiny around the incident, adding pressure to WazirX as it worked to recover lost assets and restructure its operations.
Creditor Approval and Initial Legal Hurdles
Although WazirX creditors had signed off on an earlier restructuring plan in April 2025, the Singapore High Court initially declined to approve the proposal. The court raised concerns about regulatory ambiguities surrounding the recovery tokens that were integral to the plan. Specifically, it sought to ensure alignment with the evolving frameworks governing digital asset service providers before granting final approval.
This most recent court ruling reflects progress not only in legal and regulatory clarity but also in WazirX's efforts to satisfy the concerns of creditors and stakeholders.
What’s Next: Recovery Token Distribution and Platform Relaunch
With court approval secured, WazirX is positioned to take concrete steps toward fund recovery for its users. The most prominent aspect of the process will involve reimbursing affected users via token-based fund distribution. While co-founder Shetty had earlier suggested that operations could resume and repayments could begin within ten days of court approval, a reliable timeline for fund distribution remains uncertain.
George Guo, Director at Kroll, the financial advisory firm managing WazirX’s restructuring, tempered expectations by noting that the fund distribution process could extend over two to three months before completion. As of now, WazirX has not disclosed an official schedule for the launch of its platform or the commencement of fund disbursements.
A Renewed Focus on Restoring Trust
After more than a year of stalled operations and uncertainties, WazirX's approved plan represents a ray of hope for its user base. For the over 150,000 individuals locked out of their funds, the decision brings long-awaited clarity and optimism.
Yet, challenges remain as the exchange takes on the task of implementing its recovery strategy while rebuilding user trust. Beyond reimbursing affected users, WazirX must also focus on establishing stronger security measures to protect against future threats and reclaiming its competitive position in the dynamic cryptocurrency market.
Conclusion: A Resilient Comeback
The Singapore High Court’s approval of WazirX’s restructuring plan symbolizes not only a turning point for the exchange but also the resilience of a company striving to navigate one of the biggest crises in its history. As WazirX moves forward with fund distribution, platform relaunch, and operational improvements, its ultimate success will depend on its ability to meet user expectations and adapt to evolving regulations in the fast-paced crypto industry.
With its renewed focus on recovery and innovation, WazirX now has an opportunity to emerge stronger, restoring its reputation and creating long-term value for its community.