WazirX Obtains Court Endorsement for Its Restructuring Strategy.

WazirX Obtains Court Endorsement for Its Restructuring Strategy.

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by Leo van der Veen

a year ago

Made with AI

WazirX users have received a long-awaited update regarding the recovery of funds lost in a significant hack. The Singapore Accounting and Corporate Regulatory Authority (ACRA) has officially accepted a court-approved Scheme of Arrangement, marking a pivotal moment for the platform and its users. The material points to an encouraging trend: this development could pave the way for a more secure future for cryptocurrency exchanges.

ACRA Approves WazirX's Recovery Plan

On October 15, 2025, ACRA received the necessary filing that allows WazirX to begin the process of distributing funds and issuing Recovery Tokens to those affected by the hack that occurred on July 18, 2024. The Singapore High Court's approval of the scheme on October 13 has enabled WazirX to transition from planning to implementation, providing a much-needed lifeline for its users.

WazirX CEO Announces Resumption of Operations

WazirX CEO Nischal Shetty announced that the platform is expected to resume operations within 10 business days from the scheme's effective date. The recovery plan aims to return up to 55% of the $235 million lost during the hack, with oversight from Singapore-based Zettai Pte Ltd. Following this positive development, WazirX's token WRX experienced a nearly 6% increase, reflecting a resurgence of confidence among investors and users alike.

Following WazirX's recovery plan announcement, Binance is currently facing scrutiny due to a series of issues amid a market selloff. Users have reported failed stop-loss orders, prompting the exchange to address these concerns. For more details, see Binance scrutiny.

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