WazirX, a cryptocurrency exchange, has received approval from Singapore’s High Court to proceed with its recovery efforts after a major security incident.
The legal approval follows creditor support for a revised version of WazirX’s restructuring plan.
With this decision, the exchange can begin returning funds to users and restarting operations using a token-based payment method.
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The exchange had been dealing with the aftermath of a major cyberattack that occurred in July 2024. The breach, which led to a loss of around $234 million in digital assets, was linked to a compromised Safe Multisig wallet.
The company’s founder, Nischal Shetty, stated:
Thank you to everyone who supported this difficult phase of WazirX. The Singapore High Court has approved the scheme. It’s your support and love that has made this possible.
The company has been working to find a way to return funds to over 150,000 users affected by the incident. The approval now allows the next phase of the plan to begin, which includes distributing assets and restarting trading functions.
On August 20, Shetty stated that once the court’s decision takes effect, users could start receiving their funds within 10 days.
However, as of now, WazirX has not released a confirmed date for when those repayments will begin.
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