“`html
Indian exchange WazirX has obtained approval from the Singapore High Court, allowing users to finally retrieve their crypto assets.
WazirX Restructuring Ratified By Singapore High Court
As disclosed by WazirX founder and CEO Nischal Shetty in an X post, the recent hearing at the Singapore High Court concluded with the endorsement of the platform’s restructuring plan.
The hearing represented the peak of WazirX’s recovery initiatives following the notorious July 2024 breach. This breach, later associated with North Korea’s Lazarus Group, siphoned nearly $235 million in user crypto from the platform. At that time, the exchange possessed a total of $500 million, implying that the hackers absconded with around 47% of its reserves.
WazirX was compelled to halt its operations once the breach was publicized, and users have since been unable to access their funds from linked wallets. However, the favorable Monday ruling from the Singapore High Court may finally alter the circumstances. The hearing was focused on WazirX’s restructuring strategy aimed at resuming operations. The platform had previously attempted to present a similar plan in June, which the Singapore court dismissed.
Although WazirX is an Indian exchange, its parent entity, Zettai, is located in Singapore. This is the reason the hearings are being conducted in the Southeast Asian nation rather than on the subcontinent. The High Court declined the previous proposal due to compliance issues with Singapore’s Financial Services and Markets Act (FSMA) and apprehensions over the involvement of Panama-based Zensui in the redistribution process.
WazirX returned to the planning stage and devised another proposal, this time with the Indian component of the platform managing the crypto redistribution. The court did not render a verdict during the September hearing, leaving creditors anxious about whether the plan would be dismissed again.
The exchange had cautioned that an unsuccessful plan could delay user fund distribution by at least two more years. Following the hearing on October 13th, however, creditors can finally exhale with relief, as the court has ratified the proposal.
“Thank you to all who stood by us during this challenging period for WazirX,” stated Shetty. “Now we embark on the next phase to diligently create value for all.” So far, the platform has not specified when user redistribution will commence, but previously mentioned that creditors might anticipate their crypto within 10 days of an effective scheme.
Regarding crypto breaches, North Korean hackers have continued their series of wallet assaults in 2025. According to the blockchain analytics firm Elliptic, harmful actors connected to Pyongyang have pilfered over $2 billion in digital assets thus far this year.
This represents the highest annual total of crypto thefts ever ascribed to North Korea, as illustrated in the chart below. The majority of this amount stems from the colossal $1.46 billion theft from Bybit.
North Korean digital asset hacks over the years | Source: Elliptic
In addition to the significant exchange breaches, North Korean hackers have also been utilizing more discreet methods to pilfer from digital asset wallets. A recent report disclosed that attackers from the nation are posing as recruiters to entice applicants with false job offers and abscond with their funds.
Bitcoin Value
Bitcoin has made some progress following its latest downturn, with its value returning to $114,900.
The trend in the price of the crypto over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Elliptic.co, chart from TradingView.com
Editorial Process for bitcoinist is focused on providing meticulously researched, precise, and impartial content. We adhere to stringent sourcing standards, and each page undergoes thorough review by our team of leading technology professionals and experienced editors. This method ensures the quality, relevance, and worth of our content for our audience.
Source link
“`