**WazirX Users May Recover Stolen Crypto by April 2025 with Approved Restructuring Plan**
Indian cryptocurrency exchange WazirX has announced that users could potentially recover stolen crypto funds by April 2025, contingent upon the approval of a proposed restructuring scheme. The exchange has indicated that if the scheme is not sanctioned, it may take until around 2030 to settle outstanding debts. “Two paths, two very different outcomes. Here’s a breakdown of what happens if the scheme is approved versus if it isn’t. Understand what to expect in both scenarios as we approach the voting process,” the company stated on X.
**Background on WazirX Incident**
In July 2024, WazirX experienced a cyberattack that resulted in the theft of nearly $230 million in digital assets. The platform has attributed the breach to the North Korea-based Lazarus Group. This group has also been identified as responsible for the attack in a joint statement from the United States, Japan, and South Korea.
**Details of the Restructuring Scheme**
The proposed scheme includes debt restructuring, token distribution, the implementation of recovery tokens, and the reactivation of the platform. It aims to reorganize WazirX’s liabilities to maximize returns for users. Creditors will receive reorganized liabilities in the form of tokens within 10 business days following the effective date of the scheme, which includes the issuance of recovery tokens (RTs) and recovery distributions through RT purchase mechanisms.
**Outcomes Based on Scheme Approval**
WazirX has stated that if creditors approve the restructuring plan and receive the necessary sanctions from the Singapore Court, the platform will resume operations, and asset distribution will commence following the launch of a new decentralized exchange (DEX). The company plans to recover funds through profit sharing, the recovery of illiquid wallets and stolen assets, and partnerships with “white knight” investors if the plan is approved.
Conversely, if the plan is not approved, creditors will face delays until the ownership dispute is resolved. “If liquidation occurs before the ownership dispute is settled, the initial asset distribution will be significantly postponed compared to a restructuring and will likely be in fiat,” the company noted on X. WazirX also cautioned that the distribution amount would likely be considerably lower due to liquidation costs and the absence of enhanced profit-sharing recovery.
**Court Approval for Restructuring**
On January 23, 2025, the Singapore High Court granted WazirX permission to establish a scheme for distributing net liquid platform assets and resuming operations. The court also provided a 16-week moratorium to Zettai Pte Ltd, WazirX’s parent company, to ensure adequate time and legal protection for the restructuring process.
