Indian crypto exchange WazirX is moving toward a full operational relaunch, nearly a year after it suffered a $235 million security breach. The relaunch and user fund recovery plan depend on an upcoming ruling from the Singapore High Court, expected on May 13, 2025.
WazirX Exchange Hack and Lazarus Group Involvement
The platform was targeted in July 2024 in one of the largest crypto exchange hacks of 2024. Investigations have linked the attack to Lazarus Group, a North Korean state-backed hacking organization. The conclusion was supported by intelligence from U.S., Japanese, and South Korean authorities, and blockchain forensics firm Elliptic.
So far, authorities have frozen $3 million in stablecoins tied to the incident, though the majority of the stolen funds remain unrecovered.
Court Decision to Define WazirX Relaunch Timeline
The company’s restructuring is led by Zettai, its Singapore-registered parent entity. If the WazirX Singapore court caseresults in approval of the proposed plan, the exchange has stated that it will:
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Initiate the first distribution of recovered user funds
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Restart full trading and platform operations
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Complete these steps within 10 business days following the ruling
A January 2025 legal directive had already authorized WazirX to organize a creditor meeting with users to outline its compensation and restructuring plan.
WazirX’s Restructuring and User Compensation Plan
The relaunch is part of a broader WazirX restructuring strategy aimed at rebuilding trust and re-engaging its user base. The plan includes:
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Restitution through a structured WazirX compensation plan
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Support for affected accounts
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Updates to internal security and compliance protocols
The exchange’s ability to resume operations is also seen as a test case for how crypto platforms can navigate both cyberattacks and legal recovery processes in cross-border jurisdictions.
What’s Next for WazirX Users?
Pending the court’s verdict, WazirX users can expect:
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A timeline for WazirX user funds recovery
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Clear communication on INIT compensation amounts and process
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Updates from the company and its legal representatives regarding next steps
The outcome may also shape future regulatory discussions around crypto exchanges and cybersecurity, especially regarding response frameworks to nation-state attacks.
Industry Context: Hacks and the Road to Recovery
The WazirX Lazarus Group hack adds to a growing list of exploits targeting centralized platforms. The case highlights:
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Increased attention on crypto exchanges and terrorism prevention
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Legal risk exposure in cases involving sanctioned actors
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The importance of multi-jurisdictional cooperation for fund recovery
If the WazirX May 2025 verdict allows operations to resume, it could become a reference point for managing exchange closures due to hacks and building transparent restitution frameworks for affected users.