The High Court of Singapore has made a ruling that allows the cryptocurrency exchange WazirX to begin compensating over 150,000 users who were affected by a massive hack of the platform in July 2024. The total losses from the hacker attack amounted to $234 million, after which the exchange was forced to suspend all withdrawals.
This is reported by Business • Media
Approval of the Restructuring Plan and Compensation Prospects
The court’s decision was made possible after creditors supported the updated restructuring plan. This enables the company to move to the next phase — implementing a tokenized compensation mechanism for users and resuming the exchange’s operational activities. WazirX founder Nischal Shetty thanked the community for their support during this challenging time, emphasizing the importance of this decision for the platform’s future development.
“Thank you to everyone who supported WazirX during this difficult period. The High Court of Singapore has approved our scheme. It is your support and love that made this possible,” he wrote.
It is worth noting that after the hack of the Safe Multisig wallet in 2024, analysts linked the attack to the North Korean hacker group Lazarus due to the similarities in the methods used. In response, WazirX contacted law enforcement, computer threat response specialists, and canceled all transactions conducted between July 18 and July 21, 2024. In November of that year, Delhi police arrested a suspect in connection with the hack.
Terms and Conditions of Compensation
According to Nischal Shetty, once the plan comes into effect, users will be able to receive their funds within 10 days. However, as noted by George Gwee, director of the consulting firm Kroll, which is overseeing the restructuring process, payments may begin two to three months after the court’s approval. This is due to the need to complete a series of technical and procedural steps on the part of the exchange. At the time of preparing this news, WazirX had not yet disclosed the exact payment schedule.
The exchange has been undergoing complex legal procedures for over a year to return funds to clients. In April 2025, users and creditors had already supported the initial restructuring plan proposed by WazirX management. At that time, the court expressed concerns about the regulatory framework for tokenized assets, which led to the postponement of the hearing.
Previously, WazirX received a four-month moratorium on debt collection, allowing the company to focus on restoring the platform and preparing for user payouts.