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WazirX did propose spreading the losses from its July 2024 hack across customers, including users whose own tokens were not stolen. That emergency proposal contemplated returning about 55% of balances immediately and locking or otherwise representing the remaining 45%. It was later superseded by a Singapore court-sanctioned restructuring: WazirX says the first distribution represented about 85% of approved claims, with Recovery Tokens linked to possible future recoveries.
What happened in the WazirX hack?
On July 18, 2024, WazirX said a cyberattack on one of its multisignature wallets caused losses exceeding $230 million. Later company reporting put the approximate shortfall closer to $234.9 million–$235 million. Withdrawals and trading were suspended while the exchange assessed the damage.
The affected wallet used infrastructure supplied by Liminal and had six signatories: five associated with WazirX and one with Liminal. WazirX said a normal transaction required approvals from three WazirX signatories and then approval from Liminal’s signatory, but that attackers apparently bypassed or compromised safeguards in the signing process. Responsibility remains disputed; allegations involving WazirX, Liminal and other parties should not be treated as a final legal finding.
WazirX’s preliminary account is available in its incident report, while its later day-wise timeline records the subsequent suspension, restructuring and restart steps.
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What “socializing the loss” meant
On July 27, 2024, WazirX proposed pooling the assets still available on the platform and distributing them across customers rather than assigning the entire shortfall only to accounts holding the stolen tokens. The proposal was reported by TechCrunch as an approximately 55% immediate return, with the other 45% locked or represented through another mechanism.
That meant the loss would be calculated as a platform-wide customer-creditor shortfall. For example, a customer holding only tokens outside the stolen category could still have received roughly 55% under the original proposal, because the exchange was treating available assets as a common pool.
| Stage | What the figure meant | Status |
|---|---|---|
| July 2024 emergency proposal | About 55% returned; about 45% locked or otherwise represented | Proposal, not the final payout |
| Later sanctioned scheme | WazirX described the first distribution as approximately 85% of approved claims | Implemented under the court-approved arrangement |
| Recovery Tokens | Participation in specified future recoveries and scheme purchase mechanisms | Contingent, not cash-equivalent by default |
Why customers objected
WazirX said collective treatment would distribute the shortfall proportionately, avoid a first-come, first-served rush for remaining assets, permit the platform to resume operations and preserve a way to share future recoveries. It described the approach as equitable and transparent, and later announced a rebalanced-token framework (company explanation).
Customers and industry critics raised different concerns:
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- Users whose tokens were not stolen would still absorb part of the loss.
- The plan appeared to transfer custody and operational risk from the exchange to customers after the event.
- Customers questioned whether company reserves, insurance, profits or other corporate resources should first reduce the deficit.
- Changing the economic terms of balances while withdrawals were frozen could look like a retroactive alteration of custody terms.
- With the platform unavailable, customers had limited practical ability to reject the proposal or move assets elsewhere.
These are consumer and governance objections, not a court determination that WazirX acted unlawfully.
How the Singapore restructuring changed the plan
Zettai Pte. Ltd., WazirX’s Singapore-based entity, pursued a Scheme of Arrangement under Singapore law. If approved by the required majority and sanctioned by the Singapore High Court, the scheme could bind creditors covered by its terms.
The court did not sanction the earlier proposal in June 2025. Zettai then obtained permission to conduct a revote on an amended scheme. WazirX said 95.7% of participating creditors by number, representing 94.6% by claim value, approved that amended version in August 2025 (revote process; results).
The Singapore High Court sanctioned the amended scheme, with modifications, on October 13, 2025. It became effective on October 15, 2025 (sanction announcement). The legal framework therefore moved beyond the July 2024 55/45 proposal.
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What customers ultimately received
The approved scheme assessed claims using its specified “Ascertainment Date”—July 18, 2024—and its valuation methodology. That methodology can affect the result through the valuation time, token prices, USD/INR conversion, the asset delivered and the liquidity available for withdrawals.
WazirX described the first distribution as approximately 85% of approved claims. This was a distribution of rebalanced platform assets under the scheme, not proof that the stolen coins had been recovered. It also does not mean every creditor received 85% in the same token, or that 85% is a guaranteed final recovery.
Customers who deposited tokens after the attack were treated separately from scheme claims. WazirX said those post-attack deposits were outside the scheme and were to be returned in full, in the same denominations where possible, under the first-distribution timetable (post-attack deposit policy).
What are WazirX Recovery Tokens?
Recovery Tokens are issued pro rata to eligible Scheme Creditors. WazirX says they represent participation in future recoveries that may come from recovered stolen assets, illiquid platform assets, profit-sharing and other qualifying sources under the scheme.
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- A recovery-purchase milestone is triggered when at least $10 million in qualifying net recoveries or unencumbered assets is available, subject to the scheme terms.
- Tokens may become tradable only if legal and regulatory requirements are met.
- Any market price, if trading is enabled, is not automatically the same as the price used for a scheme purchase or distribution.
- The tokens are contingent on future recoveries and are not automatically equivalent to cash or an immediately redeemable amount of crypto.
WazirX says Recovery Token allocation was completed within the scheme’s 60-business-day timeline. Its explainer and support article describe the mechanics.
Did WazirX reopen?
Yes. WazirX announced that trading would resume in phases from October 24 through October 27, 2025, with zero trading fees initially. Crypto withdrawals were scheduled in phases, while INR withdrawals were already enabled when the restart was announced (restart announcement; support details).
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains uncertain
The first distribution did not establish that the $230 million-plus loss had been recovered. Future value depends on tracing and freezing assets, obtaining actual returns, generating qualifying surpluses and applying the scheme’s purchase mechanisms.
WazirX has attributed the attack to North Korean hackers in its public communications and references government involvement, but attribution should be understood as an allegation or official assessment rather than a final judicial determination. Investigations and recovery efforts are described in WazirX’s investigation FAQ.
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WazirX also says 100% of profits go toward creditor recovery until $30 million in cost reserves are recovered. After that, 50% of profits may be shared for 36 months or until Recovery Tokens are fully purchased, subject to the scheme terms (profit-sharing FAQ).
Lessons for exchange customers
The episode shows why an exchange balance is not simply the same as holding coins in a personal wallet. Before choosing a platform, ask:
- Are customer assets segregated from company assets and from other customers’ assets?
- Which legal entity holds the relationship, and which jurisdiction governs disputes?
- Does the exchange publish liabilities as well as proof of reserves?
- What happens if a third-party custodian or multisignature system is compromised?
- Can withdrawals be suspended, and how are customers treated during a restructuring?
- Are distributions made in the original tokens, substitute assets or a valuation-based amount?
“Socialized losses” describes the allocation principle in WazirX’s initial response. It does not describe a permanent 55% payout, and it should not be used as shorthand for the later court-approved scheme without explaining the intervening valuation, distribution and Recovery Token stages.
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