WazirX Warns Creditors: Opt Into the New Settlement Scheme or Wait Years for Payouts From $230M Breach

WazirX Creditors Must Choose: Quick Payouts in 2025 or Possible Refunds in 2030

The fallout from WazirX’s massive 2024 hack is reaching a critical stage, with creditors now facing a pivotal choice: approve a restructuring plan for early payouts or risk waiting until 2030 for potential refunds.

In the coming weeks, creditors will vote on WazirX’s proposed recovery scheme. If at least 75% by value approve, the plan—already sanctioned by a Singapore court—will take effect in April 2025. Under this arrangement, WazirX will resume trading, and creditors will receive their first payouts within 10 business days, including liquid assets.

The proposed recovery strategy includes:

• Launching a decentralized exchange (DEX)
• Issuing tradable recovery tokens
• Conducting periodic buybacks of recovery tokens using platform revenues

If creditors reject the proposal, WazirX will enter liquidation under Singapore’s Companies Act, potentially leading to asset sales at lower values and prolonged delays in payouts.

Once India’s largest crypto exchange by trading volume, WazirX was hacked in July 2024 by the North Korean cybercriminal group Lazarus, resulting in $230 million in stolen funds. The stolen assets were funneled through Tornado Cash, complicating recovery efforts.

Despite efforts to recoup funds, WazirX has faced heavy criticism for its crisis response and communication. In January 2025, it secured court approval for a restructuring plan, hoping to prevent total liquidation and provide creditors with a more favorable outcome.

Now, the fate of WazirX’s creditors hinges on the upcoming vote—approve the plan for near-term recovery or risk an uncertain, years-long wait.