In the volatile world of crypto, where platforms can rise and fall overnight, few stories have unfolded with the transparency, tenacity, and legal discipline that WazirX has demonstrated over the past year. Following a major cyberattack in July 2024 that compromised user assets worth over $230 million, the Indian crypto exchange could have taken the familiar route: shut down, disappear, or stall behind endless PR spin. Instead, WazirX chose something that’s rare in crypto— a court-supervised, user-approved restructuring plan that aims to return 85% of funds.
Now, with a Singapore High Court decision in July 2025 clearing the path for a revote, and a user base still engaged in the process, the question arises: could this model be the one the crypto industry has been waiting for?
What the Scheme Actually Is
WazirX's proposed restructuring isn't some vague promise or internal policy. It's a formal legal Scheme of Arrangement filed in Singapore by Zettai Pte Ltd (WazirX's parent entity), subject to creditor voting and judicial approval. This legal route isn't just cosmetic— it means user rights are protected, monitored by court-appointed officers, and carried out under Singapore's well-established insolvency laws.
In March 2025, Zettai filed the restructuring plan. In April, 93.1% of voting users (representing 94.6% of the value locked in) supported it. But the court initially dismissed the scheme due to questions around token classification. In a rare and decisive move, the same judge set aside her own ruling weeks later, allowing the company to return to a vote. This cleared the path for final court approval and implementation.
Why WazirX Comeback Matters for the Industry
Legal Accountability
Most crypto exchanges operate in a grey zone when it comes to post-cyberattack responses. Refunds are discretionary. Communications are informal. Legal redress is nearly impossible.
In contrast, WazirX has gone the route of a Scheme of Arrangement — a legal restructuring process with court oversight and user-first approach. It shows that crypto exchanges can adopt standards from traditional finance without compromising their tech-native DNA.
User Governance
The scheme is subject to user votes, with voting power based on assets held. The initial vote showed overwhelming support. The upcoming revote will again put power in the hands of users, not just executives or lawyers.
Cross-Jurisdictional Compliance
WazirX isn’t just operating under Indian regulatory pressure. By filing under Singapore law, they’ve chosen a jurisdiction with one of the clearest frameworks for digital asset restructurings. It sets a precedent for regional exchanges trying to gain global legitimacy.
Resilience and Continuity
Many platforms that get attacked fold, get acquired, or rebrand quietly. WazirX instead chose to stay in the spotlight—transparent with users, regulators, and courts. The fact that they’ve continued platform operations, rebuilt custody architecture, and worked with law enforcement across borders sends a strong message: responsible crypto platforms can bounce back, even from crisis.
The Benchmark: WazirX vs Others
WazirX joins a very short list of exchanges that have not just survived but tried to make users whole in a clear timeframe.
Why It Wasn’t 100%
Some critics have asked: why not return 100%?
The hard truth: most of the stolen funds are unrecoverable. Crypto cyberattacks are notoriously hard to reverse unless caught immediately, and even then, only a fraction is ever frozen. WazirX has been working with various international institutions and multiple exchanges to recover and trace funds. But unlike in traditional finance, there's no FDIC-style backstop.
What makes the 85% recovery notable is not just the amount—it’s the speed and legal clarity. In crypto, that's often worth more than a theoretical full recovery that takes a decade.
Setting the Standard
For an industry constantly under fire for scams, rug pulls, and ghosting users, WazirX is choosing the harder path: one of documentation, litigation, and restitution.
This could be a turning point.
As regulators in India, Singapore, and elsewhere debate how to treat crypto platforms, the WazirX case offers a blueprint: c*lear user rights, legal frameworks, external audits, and a functioning restructuring system.*
It might not be perfect. But it’s progress. And in crypto, that counts for a lot.
Final Thoughts
The industry doesn’t need another apology video or promise of Web3 utopia. It needs structures that protect users when things go wrong. WazirX’s court-approved scheme isn’t just an internal milestone. It will be remembered as a defining moment for Indian crypto—a proof point that legal accountability and decentralization aren’t opposites.
The revote will test whether the community still believes in that vision. But whatever the outcome, one thing is clear: WazirX has raised the bar. The industry would do well to follow.
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