A year after a cyberattack compromised its multi-signature wallet, leading to the theft of digital assets worth over ₹1,920 crore ($230 million), cryptocurrency exchange WazirX is preparing to conduct a fresh vote on a revised restructuring scheme.
The wallet, jointly managed with digital custody partner Liminal, was breached in July 2024 by suspected North Korean cybercriminals. Both firms accused each other of operational lapses. Following the incident, WazirX faced sharp criticism for delayed communication, lack of transparency, and abrupt freezing of user assets.
By January 2025, WazirX announced it had successfully frozen the first tranche of stolen assets worth approximately ₹25 crore ($3 million).
Singapore Court Approves Revote on Revised Scheme
Despite promoting itself as an Indian exchange, WazirX took the legal route through Singapore’s judiciary, seeking protection via a moratorium against legal claims. The Singapore High Court, which initially rejected its restructuring proposal, has now reversed that decision, allowing a revote based on an amended plan.
WazirX claimed that 93.1% of its creditors had earlier voted in favour of the original restructuring. The company has promised a faster execution this time, stating that asset distribution will begin within weeks of the vote’s conclusion.
Under the updated legal structure, FIU-registered Zanmai India will oversee the distribution once court approval is secured. WazirX also highlighted its collaboration with cybersecurity firms and global custodians like BitGo and Zodia Custody to strengthen security measures post-breach.
Indian Users Demand Clarity Amid Cross-Border Legal Proceedings
The move to handle the proceedings in Singapore has frustrated many Indian customers, who are demanding swifter intervention by Indian authorities. Several users expressed concern over prolonged delays and fear of further value erosion in their locked cryptocurrencies.
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WazirX reiterated its priorities: restoring user trust, executing fair asset distribution, and safely restarting operations. The company held eight public townhalls and claims to have answered thousands of community queries since the incident.
While legal progress continues offshore, Indian investors await the long-promised return of their digital assets.