WazirX collapse — what creditors were owed and recovered (2024)

WazirX froze all withdrawals on 18 July 2024 after about 234.9 million dollars was drained from a multi-signature wallet, an attack attributed to the North Korea-linked Lazarus Group. It was the largest crypto theft recorded in India and affected a user base reported at 6.6 million. User balances were fixed as at 18 July 2024, 1.00pm IST.

The exchange's Singapore parent, Zettai Pte Ltd, applied to the High Court of Singapore on 27 August 2024 for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018, in proceedings HC/OA 861/2024. A four-month moratorium was granted on 27 September 2024. Creditors approved a scheme of arrangement in a March 2025 vote, 93.1 percent by number and 94.6 percent by value, but the court required amendments and a revote. In August 2025, 143,190 creditors, being 95.7 percent by number and 94.6 percent by value, approved the amended scheme; 149,559 creditors participated, holding approved claims of 206,892,988.70 dollars. Some reporting cites a lower total of about 141,000 creditors and 195.65 million dollars.

The High Court sanctioned the scheme on 13 October 2025 and it took effect on 15 October 2025. WazirX reopened trading and withdrawals on 24 October 2025 and completed a first distribution of roughly 85 percent of each creditor's approved claim in tokens within ten business days. The residual entitlement was converted into 1 billion non-tradable Recovery Tokens, allocated to eligible users by 9 January 2026.