WazirX to Resume Operations After $240M Hack and Court Approval

WazirX, a defunct Indian crypto exchange, is set to resume operations within 10 business days following the approval of its restructuring plan by Singapore’s Accounting and Corporate Regulatory Authority (ACRA). The exchange faced a $240 million hack in July 2024.

Key Points

The High Court of Singapore approved WazirX's restructuring scheme, with over 95% creditor support.
Users will regain access to frozen funds through crypto, cash distributions, and recovery tokens.
WazirX partners with BitGo for enhanced fund security and third-party oversight.
The phased reopening aims to manage liquidity and operational risks while allowing orderly withdrawals.
Eligible users, those holding assets before the hack, will receive Recovery Tokens based on their claims.
These tokens offer a share of future revenue, recovered funds, and potential profits.

The move coincides with Coinbase's expansion in India, highlighted by a new investment in CoinDCX.