Almost 9 months after WazirX suffered a $230 million cyberattack, the Indian crypto exchange is inching closer to a comeback, backed by both legal developments and a user-centric recovery plan. At the beginning of 2025, the Delhi High Court issued notices to the Indian government and the Reserve Bank of India (RBI), following a petition that sought an independent probe into the incident. The Court also raised questions about India’s crypto regulatory framework, calling the RBI’s silence “unfortunate.”
Despite the severity of the attack, WazirX has taken a proactive stance in its recovery efforts. After the breach in July 2024, the exchange suspended operations but quickly filed for a moratorium in Singapore, creating the legal runway to draft and vote on a formal restructuring plan.
Rather than relying on internal decisions alone, WazirX invited users to vote on the platform’s future. This voting-led approach is what sets WazirX apart. The users overwhelmingly supported the restructuring plan that includes phased repayment and platform restart, underscoring the community’s continued trust in the exchange’s roadmap.
The restructuring scheme is currently under review by the Singapore High Court. If approved, WazirX will resume operations soon after and begin its repayment program, marking one of the fastest and most organized recoveries in crypto exchange history.
In parallel, WazirX has been strengthening its infrastructure to avoid future breaches. The platform has partnered with globally trusted custodians to enhance asset security, and plans to implement a re-KYC process for all users as part of its restart strategy.
The Delhi High Court’s involvement and ongoing legal oversight only add further credibility to WazirX’s recovery. While questions around regulation in India persist, WazirX’s transparent and structured approach may set a precedent for how exchanges should respond to crises.
WazirX is not just fighting to survive—it’s working to evolve. With new business plans in the pipeline and renewed focus on compliance, the exchange aims to re-enter the market as a more secure, resilient, and user-focused platform.
As crypto matures, WazirX’s journey stands as a rare example of accountability, reform, and hope in an industry often criticized for its opacity.
