In July 2024, WazirX, once India’s largest cryptocurrency exchange, suffered a catastrophic hack that resulted in the loss of approximately $235 million (₹2,000 crore) in user assets. This event left millions of users locked out of their accounts and sparked a crisis that has reverberated through India’s crypto community.
As of October 2025, the key question has finally moved from “Will users get their money back?” to “When will refunds begin?”, following the Singapore High Court’s formal sanction of WazirX’s restructuring plan on October 13, 2025, and its ACRA filing confirmation on October 15, 2025.
This updated blog explains the recovery process, key milestones, and what affected users can expect over the next few months.
The Singapore High Court officially sanctioned WazirX’s amended restructuring scheme on October 13, 2025, marking the final legal clearance for user refunds to begin. The scheme was registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) two days later, making it legally effective.
According to WazirX’s latest filing, the first phase of refunds, covering pre-hack deposits, will start between mid-November and December 2025.
Eligibility depends on your account type and deposit timeline:
The payout depends on your user category.
| User Type | % Now | % Later | Mechanism | Notes |
|---|---|---|---|---|
| Pre-hack deposits | 85% | ~15% | Crypto + Recovery Tokens | Court-approved; rolling distribution begins Nov–Dec 2025 |
| Post-hack deposits | 100% | – | Same token | Refunds expected by Q1 2026 |
The Recovery Tokens bridge the gap between WazirX’s available reserves and total user liabilities.
The Fund Recovery Portal will go live in early November 2025. Users must follow these steps:
💡 Tip: Download the official claim checklist from WazirX’s support portal once it goes live.
| Date | Event | Status |
|---|---|---|
| July 18, 2024 | $235M hack reported; withdrawals frozen | Complete |
| Sept 2024 | Draft restructuring scheme filed in Singapore | Complete |
| Jan 2025 | First creditors’ meeting; >78% approval | Complete |
| Apr 2025 | Amended scheme filed (Recovery Tokens added) | Complete |
| Aug 2025 | Final hearing before Singapore High Court | Complete |
| Oct 13, 2025 | Scheme sanctioned by High Court | Complete |
| Oct 15, 2025 | Scheme filed with ACRA (effective) | Complete |
| Nov–Dec 2025 | First 85% distribution begins | Pending |
Even with court approval, several risks remain:
ALSO READ: WazirX Court Hearing & Fund Release Timeline
With the Singapore High Court’s sanction and ACRA registration now complete, WazirX refunds will begin rolling out by late November 2025. Pre-hack users can expect 85% recovery in the first tranche, with the balance through Recovery Tokens over three years. Post-hack users are expected to receive full refunds by early 2026.
While the scheme finally gives structure and certainty to users, full restitution depends on how well WazirX recovers trading volume and executes token buybacks. For now, users should prepare documentation, stay updated on portal announcements, and manage expectations for a phased recovery rather than immediate full refunds.
Yes, if the Singapore High Court approves the scheme. Pre-hack deposits may see up to 85% recovered quickly, while the remaining 15% will be via Recovery Tokens. Post-hack deposits are slated for 100% return.
WazirX has committed a portion of recovered assets and profits to Recovery Token buybacks. No fixed “bounty” exists; recovery depends on law enforcement progress.
Wait for the Fund Recovery Portal launch after the court sanction. Complete KYC and confirm your claim there. Filing cases in India will not speed up recovery.
WazirX is not banned in India. Trading is paused due to the hack and legal proceedings. The recovery scheme is governed under Singapore law.
Risks include exchange security, regulatory uncertainty, and dependence on court-approved recovery mechanisms. Future trust depends on the execution of the current plan.
Crypto recovery is rare. In this case, structured schemes like WazirX’s court-approved plan offer the only realistic chance of recovery.
Authorities have traced portions of stolen funds, but recovery is complex due to cross-border laundering. Only a small fraction has been clawed back so far.
Over 350,000 users with pre-hack deposits are affected. Post-hack depositors are not impacted.
The restructuring scheme filed in Singapore is the central legal mechanism. Indian petitions were dismissed, confirming Singapore as the governing jurisdiction.
Yes. The exchange is in restructuring under court oversight. Its survival depends on the approval of the scheme and restoring user trust.
WazirX was founded in 2018 by Nischal Shetty and the team. Binance previously claimed ownership, but the relationship has been disputed.
Before the hack, the minimum withdrawal for INR was ₹100, and for crypto varied by token. Withdrawals remain paused until the scheme is approved.
Yes, if the court sanctions the scheme. Pre-hack users get 85% quickly, and Recovery Tokens for the rest. Post-hack deposits will be refunded in full.
Indian courts have already dismissed petitions, stating the scheme falls under Singapore jurisdiction. Filing fresh cases in India is unlikely to help.
