WazirX Relaunch Approved After $240M Hack Recovery Plan
WazirX has received High Court of Singapore and ACRA approval for its $240 million hack recovery restructuring plan after locking 6.6 million user accounts, with 95.7% creditor support. The ruling unfreezes $234 million in assets and paves the way for users to reclaim 75–80% of frozen BTC balances. Payouts will be made via crypto, cash and newly issued Recovery Tokens that grant pro-rata shares of future revenue and recovered funds. Under the scheme, operator Zettai Pte Ltd must meet regulatory filings before it becomes effective. WazirX has partnered with BitGo to enhance custody security. The exchange targets a relaunch within 10 business days, a development expected to restore trader confidence and influence BTC liquidity and market sentiment.
Bullish
The news signals significant progress toward asset recovery and exchange relaunch. In the short term, unlocking $234 million and restoring access to frozen BTC balances will likely increase trading volume, improve BTC liquidity, and bolster market sentiment. Engagement of BitGo for custody reduces counterparty risk, further enhancing trader confidence. Over the long term, successful implementation of the recovery plan and issuance of Recovery Tokens may strengthen WazirX’s credibility and set a precedent for hack remediation in the crypto industry. This renewed confidence and improved liquidity conditions support a bullish outlook for BTC.