Indian cryptocurrency exchange WazirX has reached a critical turning point in October 2025, more than a year after suffering a devastating $235 million security breach. The Singapore High Court has officially approved a restructuring plan (Scheme of Arrangement) for its parent company Zettai Pte Ltd, paving the way for partial withdrawal restorations and a platform relaunch. As of October 2025, INR withdrawals have been partially restored, while crypto asset withdrawals remain largely suspended, subject to a phased reopening schedule.
Background: The Lazarus Group Attack and Platform Freeze
In July 2024, WazirX was hit by a massive cyberattack attributed to the North Korean hacking group Lazarus Group, resulting in the loss of over $235 million in crypto assets. Trading and all withdrawal functions were immediately suspended as Zettai Pte Ltd, WazirX’s Singapore-based parent, entered a restructuring process under the Singapore High Court. The court-approved Scheme of Arrangement aims to return approximately 75% to 80% of user funds, followed by a full relaunch of the exchange platform.
INR Withdrawals: Partially Functional
As of October 2025, WazirX has enabled partial INR withdrawals. Users can log into their accounts and request INR withdrawals through the designated section, though processing times may vary depending on bank verification and KYC status. The exchange advises users to ensure their KYC details are up to date and to check available balances in the “Funds” section. For cryptocurrency withdrawals, the vast majority of assets remain locked; the exchange has stated that crypto withdrawals will be enabled in stages after the platform relaunch.
Steps to Withdraw Funds
If you are looking to withdraw funds from WazirX, follow these steps:
- Log In: Access your WazirX account and verify your KYC details are current.
- Check Balance: Go to the “Funds” section to see your INR or crypto balance.
- Initiate Withdrawal: For INR, navigate to the INR withdrawal section and follow the prompts. For crypto, confirm whether your specific asset is eligible.
- Complete Verification: Be prepared for additional KYC or security checks, especially for large amounts.
- Monitor Status: Track your withdrawal request via the platform’s interface or support tickets.
Challenges and Considerations
Despite the positive legal development, users should remain cautious. Crypto withdrawal full restoration will be a gradual process, contingent on asset custody arrangements and compliance requirements. Additionally, withdrawals may incur capital gains tax in India, so users are advised to consult a tax professional. WazirX has emphasized that the relaunch is not a return to “business as usual” but a reset with heightened security measures. Users should watch out for phishing scams and rely only on official announcements.
Conclusion: A Milestone, but Patience Needed
October 2025 marks a major milestone for WazirX and its users. The court-approved restructuring and planned platform relaunch mean that both INR and crypto withdrawals are expected to become functional again, albeit in a phased manner. For now, users should complete KYC, update bank and wallet details, monitor official channels, and prepare to withdraw when the window opens. Full restoration will take time, and assets remain under systematic phased control. Patience and caution are paramount.