WazirX lost $234M in one wallet — users waited 15 months for a plan

WazirX, the Indian crypto exchange operated out of Singapore by Zettai Pte Ltd, was hacked in July 2024: more than $230 million — reported at $234 million, roughly 45% of the platform's user crypto assets — drained through a multisig wallet. The attack was attributed to North Korea's Lazarus Group, carried out via private key interception, and the stolen funds were laundered through Tornado Cash. Deposits, withdrawals and trading were halted and stayed halted.

The recovery took the shape of a restructuring, not a refund. On 23 January 2025 Singapore's High Court granted approval for a plan to avoid liquidation, built around recovery tokens and a targeted 75–80% restoration of lost funds. In an August re-vote, 95.7% of voting creditors by number — 94.6% by value — backed the revised scheme, and on 13 October 2025 the High Court sanctioned it.

What users actually got was a phased promise: initial distributions of up to 85% of pre-hack value within ten business days of the scheme taking effect, the remainder as recovery tokens backed by a three-year buyback funded from profits and recovered assets, custody moved to BitGo, and a platform relaunch. Fifteen months after the wallet emptied, the exchange reopened — with its customers converted into creditors of its future.