In an industry plagued by disappearances, silence, and stalled litigation after major cyberattacks, one crypto exchange is quietly rewriting the recovery playbook.
A year after suffering a $234 million cyberattack, WazirX — once India’s most active exchange — is now on the verge of making a comeback.
This isn’t a headline you see often in crypto. More often, the story goes like this: a breach occurs, withdrawals are paused, statements trickle in, and then begins a years-long wait with little or no transparency.
Victims of Mt. Gox and FTX know this all too well.
WazirX’s journey hasn’t been perfect — no recovery story is. But a closer look at their timeline reveals a rare blend of speed, legal structure, and accountability that deserves attention across the global crypto community.
One Year. The Promise of 85% Recovery.
The cyberattack that hit WazirX in July 2024 was among the largest in Indian crypto history. It forced the exchange to suspend all activity while forensic firms and law enforcement got to work.
Over the next few months, a series of behind-the-scenes efforts kicked off: TRM and Chainalysis were engaged, stolen funds were traced, and offshore accounts frozen. With the help of the Singapore Courts, a restructuring plan was drafted.
The Restructuring Scheme was filed in Singapore under Zettai Pte Ltd, the Singapore-entity of WazirX who stepped up to take over the in-charge. It offered a clear pathway: users would recover 85% of their assets directly, with the remaining 15% offered through a recovery token. It wasn’t a full refund, but in a market where most victims are still waiting years later, it was a serious attempt at restitution.
On April 7, 93% of creditors who voted supported the scheme. With such a massive support of the creditors, still the court rejected the plan over technical and regulatory objections — but just a month later, reversed course after clarifications and opened the door to a revote.
A Legal Route, Not a PR Move
What stands out most about the WazirX case isn’t just the recovery number — it’s the legal architecture behind it. Instead of short-term PR fixes or vague promises, the company chose to go the regulated route. This meant restructuring through the Singapore High Court, appointing an independent assessor, and submitting to judicial scrutiny.
Compare that with how other exchanges have handled similar crises. Mt. Gox victims are still tied up in Japanese bankruptcy proceedings more than a decade later. FTX creditors are caught in cross-border legal chaos, with no real payout timeline in sight.
In contrast, WazirX pushed for a timeline-bound process — and while delays have occurred, the roadmap remains legally binding and relatively transparent.
Not Just About Money
Another key difference: WazirX didn’t shut its doors. The platform is now preparing to return to India with full regulatory alignment, a custody model overhaul, and operational transparency.
The road back to user trust won’t be quick, but WazirX seems determined to walk it the right way.
Crypto Space Needs More Stories Like This**
The truth is, most crypto cyberattacks end in silence, liquidation, or vague recovery plans that never materialize. What WazirX is attempting — and so far, delivering on — is rare: a path that’s painful but principled. A solution that puts users first, even at legal and reputational cost.
Of course, not everyone is satisfied. Some are asking why full refunds aren’t possible. Others are questioning the timeline, the legal fees, and the use of recovery tokens. These are valid questions. But they exist precisely because the process is visible — a luxury not often afforded in post-cyberattack crypto dramas.
A Milestone for Indian Crypto
Whether you support WazirX or not, one thing is clear: this episode will be remembered. If the scheme passes its revote and users begin receiving distributions, it will mark one of the fastest and largest recoveries in crypto history.
That matters — not just for WazirX users, but for the future of crypto accountability.
Because in a space that desperately needs examples of how to do recovery right, this might just be one.
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