WazirX Restructuring Approved: $230M Hack Victims Relief, WRX Token Recovery Plan

Singapore's High Court has officially sanctioned Zettai Pte. Ltd.'s restructuring proposal, enabling Indian cryptocurrency exchange WazirX to resume operations following a devastating $230 million security breach. The court's approval comes after an August revote where 95.7% of creditors by count and 94.6% by value endorsed the recovery strategy. WazirX founder Nischal Shetty confirmed that platform operations will recommence within 10 business days after the scheme becomes legally effective, potentially restoring services by late October. This represents one of the few court-supervised exchange resuscitations in cryptocurrency history. Affected users will regain platform access and receive initial distributions shortly after relaunch. To enhance security measures, WazirX has partnered with U.S.-based custodian BitGo to implement strengthened asset protection protocols before restarting operations. The comprehensive recovery plan includes launching a decentralized exchange (DEX), issuing tradable recovery tokens, and conducting periodic token buybacks using platform profits and new revenue streams. The July 2024 security incident, attributed to Lazarus Group through private key interception, resulted in massive user losses. Despite fund recovery challenges through Tornado Cash-obscured transactions, the exchange continues restitution efforts.