WazirX users are being repaid under a restructuring scheme approved by the Singapore High Court on 15 October 2025. Under the amended scheme, 85.5% of each user's portfolio value was to be paid within 10 business days of the scheme taking effect, and the remaining 14.5% through recovery tokens, which depend on what is later recovered. Operations were to move to Zanmai India. The scheme followed a July 2024 breach in which more than $230 million was lost, about 45% of user funds.
If you are a WazirX user trying to find out what you personally will receive, the only reliable place is WazirX's own official channels, logged in to your own account. This article sets out the public record in plain words, so you can follow the process without relying on rumours. It does not speculate about what recovery tokens will be worth, because nobody can know that.
A note before we start
I co-founded Unocoin, another Indian Bitcoin platform. So I want to be careful. This is not a post about why one platform is better than another. When any exchange in India gets hacked, every user in the country gets hurt, including people who never used it, because trust in the whole space falls. What follows is the record, and the lessons any user can take from it.
What happened in July 2024
In July 2024, a multi-signature wallet at WazirX was breached. Losses were more than $230 million, about 45% of user funds. Trading and withdrawals were halted.
A multi-signature wallet needs more than one key to approve a transaction. It is a common security design for exchanges, and on its own it is a good one. The breach was a reminder that the design is only as strong as every step around it: how the keys are held, how signing is approved, and the systems around them.
The Singapore scheme: rejected, revised, approved
Because of how the company was structured, the restructuring went through the Singapore High Court. In plain terms, a scheme of arrangement is a court-approved plan for paying creditors, here meaning users, when a company cannot pay everyone in full right away. Creditors vote, and the court decides whether to sanction it.
The steps, as reported:
- June 2025. The Singapore High Court rejected the first scheme.
- August 2025. An amended scheme received 95.7% support from creditors who voted.
- 15 October 2025. The court approved the amended scheme.
85.5% now, 14.5% in recovery tokens
Under the approved scheme:
- 85.5% of portfolio value was to be paid within 10 business days of the scheme becoming effective.
- The remaining 14.5% was to come through recovery tokens.
- Operations were to move to Zanmai India.
Recovery tokens are a way of giving users a claim on money that might be recovered later, for example if stolen funds are traced and returned. Their value depends on future recoveries. I am not going to guess what they will be worth, and you should be wary of anyone who claims to know. Check WazirX's official announcements for how they work, how they are redeemed and any updates.
The Madras High Court ruling
Ten days after the Singapore approval, an Indian court made a decision that matters well beyond this one case. On 25 October 2025, in Rhutikumari v. Zanmai Labs, Justice N. Anand Venkatesh of the Madras High Court held that crypto is property capable of being possessed and held in trust. The court said it is not tangible property and not currency, but it is property.
The case was about a WazirX user's 3,532 XRP. The order was interim, meaning it was made while the case continued, not as a final judgment.
Why does it matter for ordinary users? Because "held in trust" is a strong idea. If a platform holds your coins in trust for you, they are yours, not the platform's to use. The ruling is from one High Court, it is interim, and it does not change tax or registration rules. But it is an Indian court saying out loud what Bitcoiners have said for years: these are your assets.
Beware of refund scams
Every time a platform has trouble, a second wave of scammers follows. They message affected users offering to "speed up your refund", "recover your tokens" or "process your claim", for a fee. Some impersonate the platform. Some impersonate lawyers or the police.
Do not engage. Get information only from the platform's official site or app, typed in by you. Never share your OTP, password, PAN, Aadhaar or seed phrase with anyone who contacts you. If you have lost money to a scam, call 1930 or file at cybercrime.gov.in as fast as you can.
Lessons for any exchange user
After thirteen years running an exchange in India, the lesson I repeat most is simple. Know where your coins are held, and know how you would get them out.
1. Know what you are trusting
When your coins sit on a platform, you are trusting that platform's security and its honesty. Read what it says about where assets are held. For example, Unocoin states that 95% of assets are kept in cold storage with multi-signature wallets and regular security audits. That is Unocoin's own statement, and there is no independent public attestation of it on this site. Every platform's description of itself deserves that same careful reading.
2. Learn self-custody, even if you do not use it yet
Holding Bitcoin in your own wallet means no exchange failure can freeze it. It also means you alone are responsible for the seed phrase. Learn how it works with a small amount first. Write the seed phrase on paper, keep it offline, never share it.
3. Test withdrawals
Before you trust any platform with a larger amount, do a small withdrawal to your own wallet. Know the steps before you need them in a hurry.
4. Keep your records
In a restructuring, claims are based on what you held. Download statements regularly. Your tax records need them anyway.
5. Check registration
Platforms serving Indian users must register with FIU-IND as reporting entities under the PMLA. Registration is about anti-money-laundering rules. It is not a guarantee against hacks, and crypto remains unregulated as an asset in India. But it is a baseline.
How to check your own claim safely
If you are a WazirX user, the safest way to follow your own claim is also the simplest. Open the official app or website yourself, by typing the address or using the app you already had, and read the announcements there. Do not rely on screenshots in Telegram groups, and do not call numbers that people post in comments.
Keep a copy of your account statement from before the breach and every message you receive about the scheme. If you receive any repayment, keep that record too. How a repayment and any recovery tokens affect your Schedule VDA is a question to take to a CA, because it depends on what you held and what you receive.
Why this matters to everyone, not only WazirX users
I remember 2018, when the RBI told banks to cut off crypto businesses. We had to lay off about a hundred people at Unocoin just to survive. What hurt most was not the money. It was watching ordinary people decide the whole thing was not to be trusted. A hack at any large Indian exchange does the same damage. That is why the lessons below matter more than any one company's story.
The platform safety checklist goes through what you can verify on any exchange. If you move coins to your own wallet, read self-custody and tax for the records to keep.
Common questions
Will WazirX refund my money?
Under the amended scheme approved by the Singapore High Court on 15 October 2025, 85.5% of portfolio value was to be paid within 10 business days of the scheme taking effect, and 14.5% through recovery tokens. For your own claim, check WazirX's official channels in your account.
What are WazirX recovery tokens?
They represent the 14.5% of portfolio value not paid upfront, and their value depends on what is recovered later. Nobody can reliably predict that value. Check WazirX's official announcements for details.
When was the WazirX scheme approved?
The Singapore High Court approved the amended scheme on 15 October 2025, after rejecting the first scheme in June 2025 and an amended version getting 95.7% creditor support in August 2025.
Is crypto property under Indian law?
On 25 October 2025 the Madras High Court held, in an interim order, that crypto is property capable of being possessed and held in trust, though not tangible property and not currency.