Indian cryptocurrency exchange WazirX has received the green light from the Singapore High Court to proceed with a restructuring plan aimed at repaying users impacted by a $235 million cyberattack in July 2024. The attack, attributed to North Korea’s Lazarus Group, marked one of the most significant breaches in the crypto industry.

On January 23, the court approved the plan under the Companies Act 1967, allowing WazirX to implement a creditor recovery process. The exchange's parent company, Zettai, filed the restructuring plan to avoid liquidation and ensure user reimbursements. Customers are expected to recover up to 80% of their balances through token distributions, according to WazirX estimates.

Investigations confirmed no misconduct by WazirX in the breach. A joint statement from the US, Japan, and South Korea linked the attack to the Lazarus Group. The exchange has since frozen $3 million in stolen funds and continues working with authorities to recover more assets.

Under the plan, users will vote on the scheme within three months. If approved, distributions of liquid assets will begin within 10 days. Recovery tokens will also be issued, representing remaining claims and offering users a share in future profits and recovered assets. A decentralized exchange, planned by WazirX, is set to boost token repurchases.

Zettai has pledged a three-year buyback program for these tokens, funded by platform profits and asset recoveries. The Singapore High Court emphasized that restructuring, rather than liquidation, ensures the best outcome for affected users. Initial payouts and recovery efforts are expected to provide timely relief for victims of the hack.

WazirX’s decisive actions signal a proactive approach to navigating the aftermath of the cyberattack while restoring user trust and financial stability.