Sun Feb 09 16:40:00 UTC 2025: ## WazirX Offers Victims Faster Crypto Refund if Restructuring Plan Approved
**Singapore, January 27, 2025** – Indian cryptocurrency exchange WazirX is offering its users a significantly faster return of funds stolen in a July 2024 cyberattack. The company announced a restructuring plan that, if approved by creditors and sanctioned by the Singapore High Court, will allow users to receive their stolen crypto assets by April 2025. The attack, blamed on the North Korea-linked Lazarus Group by WazirX and a joint statement from the US, Japan, and South Korea, resulted in the theft of approximately $230 million in digital assets.
WazirX claims that without the approved restructuring plan, recovery could take until 2030, due to an ongoing ownership dispute. The plan involves debt restructuring, token distribution, and the issuance of “recovery tokens” (RTs). The company aims to recover stolen funds through profit sharing, recovering from illiquid wallets, collaborations, and the reactivation of its platform as a decentralized exchange (DEX).
The Singapore High Court recently granted WazirX a 16-week moratorium to facilitate the restructuring, allowing the company to distribute net liquid assets and resume operations. However, if the plan is rejected, WazirX warns that liquidation would significantly delay asset distribution, likely resulting in payouts in fiat currency and a substantially lower return due to increased liquidation costs and reduced profit-sharing opportunities. Creditors are currently being urged to vote on the proposed restructuring plan.
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