WazirX customers were not made whole after the July 2024 cyberattack. However, the original September 2024 estimate that users might recover only 55%–57% was not the final outcome. After Singapore-approved restructuring, eligible users received a First Distribution representing approximately 85% of their approved claims. That figure is not guaranteed cash repayment, does not restore 85% of every original coin, and does not settle the possibility of future recovery.
The short answer
WazirX’s initial recovery outlook was bleak. In September 2024, Kroll adviser George Gwee said the best-case recovery appeared to be approximately 55%–57%, implying that at least 43% of customer funds might remain unrecovered. That was an early estimate made before the restructuring scheme was approved.
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The later outcome was better but still incomplete. Zettai Pte. Ltd.’s amended restructuring scheme was sanctioned by the Singapore High Court on October 13, 2025, became effective on October 15, and produced a First Distribution of approximately 85% of eligible users’ approved claims. WazirX said Recovery Tokens were also allocated for potential future distributions.
As of August 18, 2026, the accurate conclusion is: customers were not fully reimbursed, but the initial court-approved distribution was materially higher than the 55%–57% estimate reported in 2024. Any further recovery remains conditional.
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This article uses “approximately 85%” to describe WazirX’s First Distribution under the approved scheme, not an insurance payout or a guaranteed repayment of 85% of each customer’s original crypto balance.
What happened in the WazirX hack?
The attack took place on July 18, 2024. WazirX said attackers targeted a multisignature wallet holding platform assets and stole more than $230 million in digital assets. The wallet used infrastructure provided by Liminal, a digital-asset custody and wallet-services company. WazirX’s account of the incident is available in its day-by-day cyberattack report.
Other reporting and court-related materials have described the loss as approximately $234 million or $235 million. Those figures broadly refer to the same incident, but valuations can differ according to the pricing date, asset prices and calculation method. It is therefore more precise to describe the event as a theft of more than $230 million rather than treat every published dollar figure as identical.
WazirX said the theft left it unable to maintain one-to-one collateral for all customer assets. In practical terms, the remaining asset pool was smaller than the liabilities owed to customers. That shortfall is why the issue became a restructuring and creditor-distribution problem rather than a simple return of every customer’s original coins.
Why full recovery was unlikely
When a custodied asset pool is depleted, an exchange cannot automatically replace the missing assets. Unless another party is legally required to cover the shortfall or sufficient assets are recovered, affected users may be treated as creditors in a restructuring.
WazirX’s restructuring materials contemplated distributing remaining liquid platform assets proportionally while pursuing other sources of recovery. Its support materials describe users in the relevant process as unsecured creditors, meaning they do not automatically receive priority over other creditors.
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The percentage a customer “recovers” can also mean different things:
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- Original-token recovery: how many units of the deposited coin are returned.
- Reference-date value: the fiat value used to calculate an approved claim at the scheme’s valuation date.
- Distribution-date value: what the assets were worth when distributed.
- Current market value: what those assets are worth now.
- Future recovery: proceeds that may become available if assets are recovered later.
These measures can produce different percentages even when they describe the same customer account.
What the original 55%–57% estimate meant
In September 2024, Kroll adviser George Gwee told TechCrunch that the best-case recovery was approximately 55%–57%, with at least 43% potentially unrecovered. The estimate appeared while WazirX was seeking protection from creditors and before a final scheme had been approved. It was not a court-ordered distribution and should not be presented as the final amount customers received.
The early estimate was based on the asset shortfall then expected under the proposed restructuring. Subsequent negotiations, asset rebalancing, claim calculations and scheme arrangements changed the distribution mechanics. That is why the 2024 estimate and the later approximately 85% First Distribution are not direct contradictions: they describe different stages and calculations.
How the Singapore restructuring unfolded
| Date | Event |
|---|---|
| July 18, 2024 | WazirX reported the multisignature-wallet cyberattack and theft of more than $230 million in digital assets. |
| August 27, 2024 | Zettai filed for a moratorium in the Singapore High Court under Singapore’s Insolvency, Restructuring and Dissolution Act 2018. See the moratorium filing update. |
| January 23, 2025 | The court granted leave to convene a creditors’ meeting for the proposed scheme. |
| June 4, 2025 | The court initially declined to approve the restructuring proposal. WazirX published an update on the hearing. |
| Mid-2025 | Further arguments were permitted and creditors were asked to vote on an amended scheme. |
| August 2025 | WazirX said 95.7% of voting creditors by number, representing 94.6% by value, supported the amended scheme. |
| October 13, 2025 | The Singapore High Court sanctioned the amended scheme. |
| October 15, 2025 | The scheme became effective after the court order was lodged with Singapore’s Accounting and Corporate Regulatory Authority. |
| October 24, 2025 | WazirX said trading on the platform resumed. |
| January 9, 2026 | WazirX said Recovery Token allocation had been completed within the scheme’s timetable. |
The court’s initial refusal matters because the process was not a straight line from the hack to payment. The amended plan and later creditor vote were part of the route to the final sanctioned scheme. WazirX’s account of the sanction is available in its court-sanction update, while the effective-date notice is published here.
How the approved scheme calculated the First Distribution
The scheme used a rebalanced pool of Net Liquid Platform Assets, or NLPA. WazirX said rebalancing was intended to align the denominations of available platform assets with customer liabilities. Its February 2025 explanation estimated an approximately 85.25% fiat recovery, subject to a variance of no more than 0.5%. Later implementation updates generally described the First Distribution as approximately 85% of approved claims.
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The important qualifications are:
- The calculation was based on an approved claim, not necessarily the balance shown in an old account screenshot.
- The scheme used a reference pricing date and its own claim and asset calculations.
- A customer could receive a rebalanced collection of tokens rather than the exact coins originally held.
- The approximately 85% figure is not necessarily 85% of every individual token denomination.
- It is not automatically 85% cash, and the market value of distributed crypto can change.
WazirX said deposits made after the cyberattack were treated separately from scheme claims and were intended to be returned in the same token denominations, to the extent possible. Customers should not combine those balances with pre-attack claims when assessing their recovery. The company’s explanation of post-attack deposits is available in its support documentation.
What are Recovery Tokens?
Recovery Tokens are the scheme’s mechanism for possible additional recovery. WazirX says they are allocated pro rata according to each creditor’s approved claim relative to total approved claims.
Potential sources of future value include:
- assets recovered from the stolen wallet;
- illiquid platform assets;
- profit-sharing arrangements; and
- other eligible sources specified by the scheme.
WazirX’s explanation refers to a potential purchase milestone after a recurring three-month period if the company has received at least $10 million in qualifying unencumbered assets, among other conditions. The issuer determines the purchase price under the scheme’s formula.
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Recovery Tokens are therefore not the same as cash already recovered. Their timing and value depend on qualifying assets, the scheme conditions, the issuer’s calculations and, if trading is enabled, market demand. A secondary-market price would not necessarily equal the scheme’s purchase price. WazirX’s detailed explanation is available in its Recovery Token guide.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Can the stolen crypto still be recovered?
Possibly, but tracing is not the same as recovery. WazirX has said Indian and Singapore authorities were investigating the attack and that it was working with Kroll and zeroShadow to trace assets and assess recovery prospects.
There are several distinct steps:
- Tracing: blockchain analysis identifies wallet movements and potential counterparties.
- Freezing or seizure: an exchange, custodian or authority may need to prevent an asset from moving.
- Legal recovery: court orders, law-enforcement action or cross-border cooperation may be required.
- Distribution: recovered assets must become available under the scheme before they can benefit creditors.
A blockchain trace alone does not establish that funds will be returned. Unless a primary source confirms a specific seizure, return or distribution, stolen assets should be treated as a possible source of future recovery rather than money already recovered.
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Where the Binance dispute fits
The Binance issue is separate from the wallet hack. WazirX support materials have said that if restructuring failed, users might have had to wait for the dispute over ownership and control of the platform and certain assets to be resolved.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallThe dispute should not be treated as proof that Binance is liable for customer losses. Competing legal positions must remain attributed to the relevant parties. The approved scheme was intended to allow distributions without waiting indefinitely for every ownership question to be resolved, according to WazirX’s materials. That does not determine the merits or eventual outcome of the dispute.
What affected customers should check
- Identify the relevant balance: separate pre-attack scheme claims from post-attack deposits.
- Review the approved claim: do not assume an old account balance or transaction history equals the claim recognized under the scheme.
- Check the First Distribution: note the assets, quantities and valuation basis shown in the account or official notices.
- Check Recovery Tokens: distinguish the token allocation from assets already distributed or available for withdrawal.
- Confirm withdrawal status: a displayed balance is not necessarily the same as a completed transfer to an external wallet.
- Preserve records: save official notices, claim calculations, transaction histories, wallet records and distribution confirmations.
- Review tax consequences: treatment may differ by jurisdiction, token type, acquisition history and whether a distribution is treated as a disposal or recovery.
Tax and legal treatment is jurisdiction-specific. Customers with significant balances, disputed claims or complicated transaction histories should obtain advice from a qualified professional rather than rely on a generic crypto-tax interpretation.
Warnings for customers seeking additional recovery
Be cautious of anyone promising a guaranteed recovery or asking for an upfront fee, seed phrase, private key, exchange password or remote access to your device. Neither blockchain tracing nor a Recovery Token guarantees payment. Do not treat a third-party “recovery service” as endorsed merely because it uses WazirX’s name, screenshots or legal terminology.
Likewise, the platform’s restart does not prove that the original shortfall disappeared, that all customer assets are fully protected, or that withdrawals are unrestricted. Trading availability and custody or withdrawal conditions are separate questions.
Bottom line
WazirX customers did not recover their full pre-hack balances. The September 2024 forecast of roughly 55%–57% was an early restructuring estimate, not the final result. The court-approved scheme later delivered a First Distribution of approximately 85% of approved claims, while Recovery Tokens created a conditional route to potential future distributions.
That is a better outcome than the initial estimate, but it is not full reimbursement, 85% cash repayment or a guarantee that the remaining value will be recovered.
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