WazirX Charts Recovery Path After $235M Cyberattack

In July 2024, Indian cryptocurrency exchange WazirX faced a devastating $235 million cyberattack, reportedly orchestrated by North Korea’s Lazarus Group. In response, the exchange has implemented a comprehensive restructuring plan to restore operations and compensate affected users.

Singapore-Backed Restructuring Plan

WazirX’s parent company, Zettai, filed for a moratorium with the Singapore High Court in August 2024, seeking approval for a Singapore Scheme of Arrangement. This court-supervised legal framework enables companies to restructure debts and liabilities without liquidating assets.

As part of this plan, WazirX reported liquid assets of $566.4 million USDT, surpassing the total claims of $546.5 million USDT filed by users. The company has also introduced recovery tokens, offering creditors the potential to benefit from future platform profits and recovered assets.

Focus on User Recovery

Founder Nischal Shetty emphasized the swift action taken to safeguard users, stating:

“Our number one goal is to return more value than what was stolen. Distributions will begin shortly after court approval.”

The initial token distributions, covering 75–80% of users’ account balances, are expected within 10 business days of the scheme’s approval. Remaining claims will be addressed via recovery tokens, repurchased periodically using profits from platform operations and a proposed decentralized exchange (DEX).

CoinSwitch Steps In

Competitor CoinSwitch has launched a ₹600 crore ($69.9M) recovery fund, dubbed “CoinSwitch Cares”, to support WazirX victims. The company has also initiated legal proceedings to recover ₹12.4 crore ($1.44M) stuck with WazirX.

The Road Ahead

WazirX aims to rebuild user trust through its recovery initiatives while leveraging future innovations like the DEX to settle liabilities. This incident underscores the importance of robust security measures and contingency planning in the evolving cryptocurrency landscape.

12 Comments

  • bonus di riferimento binance

    August 19, 2025 - 1:02 pm

    I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://accounts.binance.com/register?ref=P9L9FQKY

  • www.binance.com registrati

    August 19, 2025 - 11:31 pm

    I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.

  • phspin

    August 21, 2025 - 1:33 am

    Really enjoying learning about different slot strategies! It’s cool how platforms like phspin slot are making it easier for Filipino players with options like GCash. Finding a user-friendly site is key for casual gamers like me! 👍

  • RobertTeady

    August 22, 2025 - 6:01 am

    Cargo delivery from China is trustworthy and fast.
    Our company delivers custom solutions for businesses of any capacity.
    We take care of all transportation processes to make your operations uninterrupted.
    delivery of groupage cargo from china by air
    With scheduled shipments, we ensure timely arrival of your consignments.
    Clients trust our experienced team and affordable rates.
    Choosing us means certainty in every delivery.

  • KevinSmult

    August 25, 2025 - 7:12 am

    Эффективные решения учёта рабочего времени помогают оптимизировать эффективности .
    Автоматизация процессов устраняет ошибки в отчётности .
    Менеджерам удобнее анализировать проектные задачи дистанционно .
    https://wikidoc.info/tech/modern-approaches-to-management/
    Работники имеют удобный учёт для отслеживания .
    Использование цифровых решений существенно упрощает кадровые процессы в кратчайшие сроки.
    Это гарантирует прозрачность при распределении задач, сохраняя мотивацию команды .

  • CarlosDaymn

    August 29, 2025 - 7:53 am

    В мессенджере Telegram появилась новая функция — внутренние звёзды.
    Они предназначены для поддержки авторов.
    Пользователи вправе отправлять звёзды каналам.
    где купить нфт подарки за звезды
    Звёзды переводятся в финансовое вознаграждение.
    Это понятный способ поблагодарить авторов.
    Попробуйте новшество уже немедленно.

  • Edgarren

    August 29, 2025 - 2:27 pm

    В мессенджере Telegram появилась функция звезд.
    Теперь пользователи могут помечать важные сообщения.
    Это помогает быстро возвращаться нужную заметку.
    купить звезды дешево бот
    Функция комфортна для деловых задач.
    Благодаря этому легко оставить ключевые моменты.
    Такой инструмент экономит ресурсы и делает общение эффективнее.

  • CharlesMer

    September 2, 2025 - 3:13 am

    Here you can explore a lot of useful information.
    It is created to support you with multiple topics.
    You will get clear explanations and everyday examples.
    The content is frequently refreshed to stay up-to-date.
    https://sjch.us
    It’s a great resource for learning.
    Every visitor can benefit from the materials here.
    Feel free to checking out the site today.

  • Davidbraks

    September 4, 2025 - 8:51 pm

    Crash-style games are browser games with a fast experience.
    They include a rising multiplier that players can watch in real time.
    The goal is to make a move before the multiplier stops.
    crash game cs go
    Such games are well-known for their simplicity and excitement.
    They are often used to improve timing.
    Many platforms showcase crash games with varied designs and features.
    You can try these games today for a interesting experience.

  • PatrickGirty

    September 9, 2025 - 10:44 pm

    Покупка автозапчастей онлайн остается всё более удобной среди покупателей.
    Интернет-магазины дают широкий выбор деталей для разных моделей автомобилей.
    Цены в интернет-площадках часто ниже, чем в традиционных магазинах.
    Покупатели могут сопоставлять предложения разных продавцов в несколько кликов.
    Запчасти для китайских автомобилей
    Кроме того, удобная система отправки позволяет получить заказ быстро.
    Комментарии других покупателей дают возможность выбрать подходящие автозапчасти.
    Многие сервисы дают защиту на детали, что увеличивает надёжность покупателей.
    Таким образом, заказ в сети автозапчастей экономит время и деньги.

  • Davidrot

    September 11, 2025 - 5:19 pm

    Our platform contains a large amount of helpful information about male and female intimate life.
    Users can learn various topics that support them improve their relationships.
    Posts on the site discuss balanced interaction between partners.
    You will also find recommendations on maintaining reciprocal understanding.
    Information here is prepared by experts in the field of human connection.
    https://katiehargrave.us/love/why-amateur-porn-feels-more-real-than-studio-production/
    Many of the guides are clear and practical and beneficial for everyday life.
    Users can apply this knowledge to strengthen their connections.
    In short, this resource presents a rich collection of trusted information about intimate topics for everyone.

  • JamesBeind

    September 12, 2025 - 5:07 pm

    Il gioco responsabile nell’gioco online implica fare scelte ponderate mentre ci si intrattiene alle piattaforme interattive.
    Esso favorisce comportamenti sani e aiuta i giocatori a impostare limiti chiari.
    Regole del gioco responsabile comprendono il monitorare tempo e spese in modo equilibrato.
    I giocatori sono invitati a mantenere un approccio sostenibile e a monitorare il proprio comportamento.
    Contenuti informativi sul gioco responsabile aiutano le persone a riconoscere i propri abitudini.
    https://beniciafiremuseum.org
    Molte servizi forniscono strumenti e risorse per gestione personale.
    Praticare il gioco responsabile consente a tutti di godere l’i-gaming in modo responsabile.
    In sintesi, il gioco equilibrato nell’i-gaming riguarda la comprensione e il prendere azioni che supportano il proprio benessere.

Leave A Comment