Indian cryptocurrency exchange WazirX has received the green light from a Singaporean court to begin compensating victims of a major hack that resulted in $235 million in losses. The decision paves the way for over 1,200 affected users to reclaim their stolen assets, marking a significant step toward justice and recovery following one of the largest breaches in the exchange’s history.
The hack, which occurred in 2023, saw attackers exploit vulnerabilities in WazirX’s security infrastructure to siphon millions in various cryptocurrencies. The exchange faced intense scrutiny and backlash for what critics described as inadequate safeguards. In response, WazirX bolstered its cybersecurity measures and collaborated with global law enforcement agencies to trace the stolen funds.
Under the court-approved plan, WazirX will use recovered assets and additional company funds to reimburse victims in a phased manner. The first round of repayments is expected to begin within the next quarter. WazirX’s leadership expressed commitment to ensuring transparency throughout the process, stating that compensating users remains their top priority.
This milestone underscores the growing importance of accountability and regulatory compliance within the cryptocurrency industry. As exchanges face increasing pressure to fortify security measures, WazirX’s efforts to recover and reimburse stolen funds serve as a reminder of the stakes involved in safeguarding digital assets in an ever-evolving threat landscape.
