The Singapore High Court has reportedly approved crypto exchange WazirX‘s debt restructuring scheme on October 13, 2025. The announcement has come after the Indian digital currency exchange had been hacked in July of 2024. This court approval in Singapore enables the crypto platform to proceed with its plan to pay back affected users. The platform is set to begin operations in the next 10 days (accurate at the time of writing).
However, the estimates for when the payouts will actually commence vary significantly. The approval has been made after a creditors’ vote that was made in favor of the proposed plan and appears to be step toward finally recovering funds lost in the Wazirx hack and damaging security breach.
Some of the key details of the ruling and next steps:
- Court approval: The Singapore High Court sanctioned the “Scheme of Arrangement” on October 13, 2025.
- Creditor vote: The majority of WazirX’s creditors had previously voted in favor of the restructuring plan in August.
- User recovery: This approval is a crucial step for WazirX to begin the process of repaying users who lost funds in the July 2024 hack.
- Timeline: Although the latest approval is a green light, some reports suggest that payouts may take a couple of months after the scheme takes effect, with WazirX’s CEO being more optimistic about a faster turnaround.
- User actions: As widely reported, WazirX is expected to activate a Fund Recovery Portal where users would be required to verify their balances and complete KYC to start the process for recovering their funds.
As reported earlier this year in April 2025, the Supreme Court of India dismissed a petition filed by 54 victims of the WazirX hack on April 16, 2025, seeking action against the crypto exchange and its associates.
The decision underscores the persistent regulatory ambiguity surrounding cryptocurrencies in India, leaving many of the unsuspecting victims of the $235 million cyberattack without judicial recourse and highlighting the urgent need for a comprehensive crypto framework.
The WazirX hack, which occurred on July 18, 2024, saw hackers, allegedly linked to North Korea’s Lazarus Group, exploit vulnerabilities in the exchange’s multi-signature wallet, draining over $230 million in user funds.
