Key Points
- Singapore exchange has approved the restructuring plan for the Indian crypto exchange WazirX, which was hacked for $240 million in July 2024.
- WazirX plans to restart operations within 10 working days, with enhanced fund security in partnership with global custodian BitGo.
The Singapore exchange has given the green light to the restructuring plan of WazirX, an Indian cryptocurrency exchange that suffered a significant $240 million hack in July 2024.
Nischal Shetty, the founder of the company, confirmed that operations would recommence within 10 business days.
Resumption of WazirX Operations
WazirX is set to get back to business within the next 10 working days. This decision follows the formal submission of its court-sanctioned restructuring plan to Singapore’s Accounting and Corporate Regulatory Authority (ACRA) on October 15.
The High Court of Singapore approved the restructuring scheme last week, with over 95% of creditors voting in favor. This marked the final step in WazirX’s recovery process.
The restructuring proposal initially presented by the exchange was rejected in June 2025 due to low creditor participation and procedural issues. However, under the newly approved plan, users will regain access to their frozen funds through a mix of cryptocurrency, cash distributions, and recovery tokens.
The phased reopening is designed to manage liquidity and operational risks while facilitating orderly withdrawals.
To enhance fund security, WazirX has partnered with global custodian BitGo. Strengthened custody measures and third-party oversight form key components of the plan.
In other news, cryptocurrency exchange Coinbase has been increasing its presence in India, with a recent investment in CoinDCX.
The completion of the court proceedings and the subsequent filing with ACRA clears the way for the implementation phase. During this period, users will receive distributions and Recovery Tokens under the approved Scheme.
Eligibility for Recovery Tokens
WazirX, formerly India’s largest cryptocurrency exchange by trading volume, suspended operations following a cyberattack and liquidity shortfall in early 2024. Since then, the platform has been navigating a recovery under Singaporean jurisdiction, where its parent company is registered.
The court ruling comes after a prolonged freeze for WazirX’s 6.6 million users, who have been unable to access their accounts since the July 18, 2024 hack.
Users who held assets on the platform before the hack are eligible to receive Recovery Tokens (RTs) on a pro-rata basis based on their approved claims. These tokens give users a share of the platform’s future revenue, any recovered funds, and potential profits.
