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WazirX, an Indian cryptocurrency exchange, has received approval from a Singapore court for its restructuring plan to repay users affected by a $235 million cyberattack that occurred in July 2024. The cyberattack was attributed to North Korea’s Lazarus Group.
Restructuring Plan and Recovery:
- The Singapore High Court’s approval came on January 23, 2025, under the Companies Act 1967. This approval is for a scheme that aims to distribute funds back to the victims of the hack.
- Users are expected to recover up to 80% of their stolen funds, although this process will not fully compensate for the losses, it’s a significant step towards recovery.
- The plan includes a user voting process which will conclude within three months after the approval. Distribution of funds is expected to begin within 10 days following the voting, based on claims and market gains.
- WazirX has also launched initiatives like the distribution of recovery tokens, which could benefit from future profits generated by platform operations and recovered assets.
CoinSwitch also “Cares” WazirX
CoinSwitch, another Indian cryptocurrency platform, has announced a recovery fund named “CoinSwitch Cares” with 600 crore INR (approximately $70 million) to help WazirX users recover their losses over a two-year period. With this initiative, CoinSwitch aims to restore trust in India’s crypto ecosystem amidst the WazirX hack fallout.
These developments indicate a concerted effort to mitigate the impact of the cyberattack on WazirX users, with legal and financial measures in place to facilitate recovery.
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