WazirX’s Strategic Restructuring Plan Sanctioned

In a significant development, the Singapore High Court has approved the restructuring plan of Indian cryptocurrency exchange WazirX. This decision is a pivotal moment for the platform’s users, who have been eagerly waiting to regain access to their funds. The announcement was shared by Nischal Shetty, WazirX’s founder and CEO, highlighting the conclusion of an arduous recovery journey that began following the notorious July 2024 hack.

The hack, attributed to North Korea’s infamous Lazarus Group, resulted in the theft of nearly $235 million worth of crypto assets from WazirX, nearly 47% of its total reserves at the time. The breach compelled the exchange to halt operations, leaving users unable to withdraw their holdings.

Challenges and Triumphs in WazirX’s Path to Recovery

The recent court approval signifies a turning point for WazirX, allowing it to resume operations under a new framework. The platform had initially faced setbacks when a similar restructuring proposal was rejected by the Singapore High Court in June due to compliance issues with the Financial Services and Markets Act (FSMA) and concerns regarding Zensui, a Panama-based entity involved in the process.

Refining its approach, WazirX presented a revised plan that entrusts the Indian segment of the platform with the responsibility of crypto fund redistribution. This strategy has finally received the court’s endorsement, much to the relief of creditors who had been anxiously awaiting this outcome.

Nischal Shetty expressed gratitude to those who supported the platform during this challenging phase. Although the exact timeline for user fund redistribution remains unconfirmed, WazirX had previously assured creditors of a 10-day turnaround following an effective scheme.

Ongoing Threats: North Korean Crypto Hacks in 2025

The cyber threat from North Korean hackers continues unabated in 2025. According to blockchain analytics firm Elliptic, these malicious actors have already siphoned off more than $2 billion in digital assets this year alone. This staggering amount marks the highest annual total of crypto thefts associated with North Korea.

While large-scale exchange hacks contribute significantly to this figure, with the Bybit incident alone accounting for $1.46 billion, North Korean hackers have also been employing more discreet methods. Recent reports indicate their use of fraudulent recruitment schemes to deceive job seekers and misappropriate funds from unsuspecting digital wallets.

Bitcoin Market Trends

In the realm of cryptocurrency markets, Bitcoin has shown resilience, rebounding from its recent downturn. The digital currency’s value has climbed back to $114,900, signaling a potential recovery phase. The trend over the past five days suggests a cautiously optimistic outlook for investors.