- WazirX awaits Singapore court ruling on May 13, 2025, to resume operations after a $235 million hack in July 2024.
- WazirX partners with Zodia and BitGo for secure asset custody and plans a decentralized exchange for recovery.
- The restructuring plan includes recovery tokens for users, aiming to return 85% of their balances if approved.
WazirX, an Indian cryptocurrency exchange, is preparing to restart its operations after a major hack in July 2024 that stole about $235 million in digital assets.
The hack, blamed on the North Korean group Lazarus, targeted WazirX’s wallets, stealing money from both hot and cold wallets. As a result, WazirX had to shut down, and users couldn’t withdraw their funds.
Now, the platform is waiting for a decision from a Singapore court on May 13, 2025, to see if its recovery plan can move forward and help users get their money back.
How WazirX Plans to Recover and Rebuild with Strength
In January 2025, a Singapore court approved the first part of WazirX’s restructuring plan. The plan involves issuing users recovery tokens as compensation for their losses. These tokens are tradable and could appreciate in value if later on the platform makes profits.
It also collaborates with authorities in the U.S., Japan, and South Korea to identify stolen funds. They have frozen $3 million in USDT, a cryptocurrency, as part of such operations.
Furthermore, It also intends to repurchase certain recovery tokens within three years via profits from its operations and a new venture.
To enhance security, WazirX has partnered with Zodia Custody and BitGo Trust Company to handle asset warehousing.
Zodia, which started working with WazirX in January of 2025, warehouses digital assets on behalf of institutions and adheres to regulations.
BitGo, which commenced in March of 2025, is renowned for holding funds secure. The partnerships are intended to make users comfortable that their funds are safe.
Creating a Stronger Foundation for Crypto Security
WazirX is also going to introduce a decentralized exchange, or DEX, as part of its comeback. A DEX allows users to hold their own assets, which would make trading safer and more accessible.
The firm is optimistic that the new platform will make funds to reimburse users and prove that It is on the rise after the hack.
On 16 April, 2025, the Indian Supreme Court had rejected a petition by 54 users for a criminal investigation into WazirX, Binance, and Liminal, the then custodian provider.
It was the opinion of the court that regulation of cryptocurrency in India is not defined and that such issues are best left to be handled by the government and not the judiciary. This discouraged users who felt It had not responded enough.
The Singapore court’s May 13, 2025, decision will prove to be of extremely importance. Once approved, according to WazirX, it can begin distributing recovery tokens in 10 days.
The proposal hopes to repay close to 85% of the users’ balances, according to their account levels on July 18, 2024. More than 90% of it’s debtors, and by extension its users who lost money due to the hack, voted for the proposal in March 2025.
WazirX’s case is more than a single company’s. It is how the Asian crypto market is dealing with large issues such as hacks. The court order and the attempts by it to recover will demonstrate how well the industry will learn from failures and adapt. For the time being, users are holding out to see if WazirX will live up to its word and earn back the trust of its users.
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