This is an article about an Indian cryptocurrency exchange. WazirX has received authority from the Singapore High Court to launch a recovery plan aimed at compensating victims of a $235 million cyberattack in July 2024. North Korea’s Lazarus Group claimed the attack, causing major losses for thousands of users.
Under Singapore’s Companies Act, the court approved a restructuring proposal by Zettai, WazirX’s parent company, on January 23, 2025. The verdict prohibits the platform from going into liquidation, maintaining a clear path for creditor recovery. WazirX believes that affected users could recover 75% to 80% of their account balances.
Repayment Plan Overview
The healing plan will take several stages. We will first distribute liquid assets and then release recovery tokens to settle any outstanding claims. These tokens, linked to the exchange’s future revenues and recovered assets, allow users to gradually recover their losses.
WazirX will conduct a user vote to seek approval before implementing the strategy. An independent third-party auditor will oversee the vote, ensuring its completion within three months. The first payouts will occur within 10 business days if the majority approves the plan.
Progress in Asset Recovery
WazirX has already frozen $3 million in USDT tied to the theft and is working with authorities in the US, Japan, and South Korea to retrieve additional stolen assets. Despite these efforts, a significant portion of the stolen funds remain unaccounted for.
Long-term commitments.
As part of its restructuring approach, Zettai has committed to repurchasing recovery tokens over the next three years with platform revenues and reclaimed assets. The exchange also intends to build a decentralized exchange to generate more cash for its repayment scheme.
No evidence of misconduct
Investigations revealed the Lazarus Group as the perpetrator, clearing WazirX of any involvement in the hack during the court proceedings. The gang, known for targeting cryptocurrency sites, has a history of funding North Korea’s missile programs.
The adoption of the restructuring plan is a big step forward for WazirX, bringing hope to affected users and laying the groundwork for the exchange’s revival and future expansion.
