WazirX Wins Court Approval for Hack Recovery Plan

Singapore's High Court has approved WazirX's debt restructuring plan, paving the way for the crypto exchange to reopen after a nearly year-long freeze following a $234 million hack in one of the industry's largest cyberattacks. The court ruling ends a months-long wait for 6.6 million users who have been unable to access their funds since the platform halted trading.

The plan received overwhelming support from creditors, with 95.7% backing the amended scheme in an August revote. Token distributions will begin once operations restart, with WazirX projecting that users could recover 75% to 80% of their account balances at the time of the hack.

WazirX founder Nischal Shetty described the approval as a key milestone in the exchange's recovery journey, noting that it is one of the fastest restructurings in the global crypto industry despite suffering one of the biggest cyberattacks in its history.