Singapore Approves WazirX $234M Hack Reorg Plan; WRX Surges
Singapore’s High Court has approved WazirX’s $234M hack reorg plan, clearing the way for India’s largest crypto exchange to restart trading and compensate more than 150,000 affected users. Under the WazirX hack reorg plan, creditors approved the proposal by over 95%, despite earlier regulatory concerns over digital token frameworks. Affected users will recover 55% of stolen assets—52% in liquid crypto or cash and 48% in recovery tokens tied to future earnings. Founder Nischal Shetty said repayments could begin within 10 days of implementation, with restructuring firm Kroll estimating full settlements within two to three months. WazirX plans a phased relaunch featuring a token-based payout and a new decentralized exchange for enhanced security. WRX, the exchange’s native token, jumped 45% after the ruling. Traders view the decision as a bullish signal for WazirX’s liquidity restoration and exchange security.
Bullish
The Singapore court’s approval of the WazirX hack reorg plan acts as a strong bullish catalyst for WRX. In the short term, the ruling triggered a 45% spike in WRX as traders priced in the exchange’s imminent restart and compensation payouts. Restoring operations and initiating repayments should boost liquidity and trading volumes, fueling continued upside. Over the longer term, the phased relaunch, recovery token scheme, and planned DEX launch enhance WazirX’s security profile and market credibility. This improved risk outlook may sustain investor confidence and support WRX’s price momentum, despite potential regulatory scrutiny.