Crypto exchange WazirX has received approval from the Singapore High Court for its restructuring plan, a key step toward compensating more than 150,000 users affected by last year’s $234 million hack.
The court’s decision follows weeks of creditor support for a revised proposal, allowing WazirX to move forward with token-based fund distributions and gradually resume exchange operations.
“Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme,” founder Nischal Shetty said on X.
“It’s your support and love that has made this possible.”
The approval marks a major milestone for the India-based exchange, which has spent over a year navigating legal and regulatory hurdles to restore user funds.
Background on the hack
In July 2024, WazirX lost approximately $234 million in crypto assets from a breach of its Safe Multisig wallet. The attackers managed to compromise multiple private keys, allowing them to authorize and execute unauthorized transactions
The stolen funds included Shiba Inu (SHIB), Ethereum (ETH), Matic (MATIC), and Pepe (PEPE) tokens, among others.
Withdrawals were immediately paused, leaving users in limbo for more than a year.
Earlier attempts at a repayment scheme faced setbacks. In April, creditors backed a plan, but the Singapore High Court initially rejected it, citing concerns over how recovery tokens would interact with proposed regulations for digital token service providers.
The Lazarus Group. A persistent cyber threat
Analysts have linked the attack to North Korean hackers, noting similarities with techniques historically used by the Lazarus Group, a North Korean state-sponsored hacking collective. This group has been implicated in several high-profile cryptocurrency heists, including the record $1.5 billion theft from Bybit in February 2025.
In addition to direct attacks on exchanges, the Lazarus Group is associated to illicit activities such as money laundering through platforms like Tornado Cash and phishing campaigns targeting crypto users.
Next steps for users
With court approval secured, WazirX is preparing to restart operations and begin user repayments. Shetty positively indicated that distributions could start within 10 days of the scheme taking effect.
However, George Gwee, a director at restructuring firm Kroll, which is assisting WazirX, noted that some users might wait two to three months before funds are fully restored.
At the time of writing, WazirX had not published a definitive repayment timeline.
Anastasiia G
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