In July 2024, WazirX — one of the then India’s leading crypto exchanges — faced a serious cyberattack. Withdrawals were frozen. Community trust took a hit. Many feared the worst: that their assets might never be recovered.
But over the past year, WazirX has chosen a response that makes it stand out in the crypto world: instead of retreating or deflecting blame, it has engaged in a structured, court-monitored process to find a way forward. And now, with its recent affidavit filed in the Singapore High Court on 4th July 2025, the path toward user redressal has become clearer.
This blog outlines what’s been done so far, what the latest affidavit says, and why this recovery effort may be a rare example of accountability in the crypto space.
Legal First, Always
From the very beginning, WazirX took the legal route. Through its Singapore-based entity, Zettai Pte. Ltd., the team proposed a court-approved “Scheme of Arrangement” to address user claims. This legal structure was designed to ensure that any distribution of crypto assets to users would comply with regulatory frameworks in both Singapore and India.
Rather than making public promises or marketing claims, WazirX opted for transparency, not only in the courtroom, but also with its users — submitting required affidavits, each one updating the court and its users on asset custody, compliance strategy, and platform operations.
Two Possible Recovery Paths
Depending on the Court’s direction, there are two proposed operational approaches for distributing crypto assets to users:
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Zettai Pte. Ltd., the Singapore entity, may handle the distribution directly if the court approves the original scheme.
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Alternatively, Zanmai Labs, the India-based entity of WazirX, may take over platform operations — especially as it is already registered with FIU-IND, India’s designated compliance body for virtual asset service providers.
Both options are designed to ensure users regain access to their assets in a lawful, compliant manner.
Acknowledgement by Regulatory Bodies
The affidavit also references regulatory clarity from authorities:
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In Singapore, the Monetary Authority of Singapore (MAS) clarified that a one-time crypto distribution as part of a court-approved scheme does not require licensing under the Financial Services and Markets Act (FSMA). This significantly strengthens the legal standing of the proposed recovery.
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In India, the fact that Zanmai Labs is FIU-IND registered means that if operations are transferred locally, they will still comply with India’s regulatory mandates.
These confirmations demonstrate that WazirX is actively aligning its strategy with jurisdictional compliance in both its primary markets.
WazirX Already Prepared for Plan B
One of the more commendable aspects of the affidavit is the platform’s readiness to adapt.
Should the court recommend changes to the existing recovery plan, WazirX has shown that it is prepared to revise its proposal and — if necessary — conduct a fresh user vote within 30 business days. The level of preparedness signals both operational maturity and legal foresight.
A Quiet but Steady Comeback
What makes WazirX’s recovery effort different is the absence of marketing noise. There are no exaggerated promises or flashy headlines. Instead, the company has taken a quieter, more transparent approach — letting its court filings speak for themselves.
So far, 9 affidavits have been submitted. Each one is a paper trail of accountability — covering crypto custody, compliance strategy, platform transition plans, and more. In an industry often criticized for evasive responses to crises, this structured legal effort stands out.
Why This Matters
Crypto users in India — and across the world — have often had to accept that when platforms collapse or get hacked, there’s no roadmap back. WazirX is attempting to rewrite that narrative.
Their approach combines:
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Transparent custody updates
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Regulator-acknowledged structures
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Court-approved legal frameworks
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Compliance with major jurisdictions
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A willingness to pivot, if required
It’s not just a recovery plan; it’s a case study in how crypto platforms can respond to crisis with maturity and legal responsibility.
Final Thoughts
The July 2025 affidavit may not make headlines — but it marks a milestone in WazirX’s quiet, determined comeback. Rather than promises or posturing, the company is presenting something far more valuable: documented action, regulatory alignment, and a genuine commitment to doing right by its users.
While the events of July 2024 were beyond any single team’s control, what followed has been entirely in WazirX’s hands — and they've chosen accountability. From court filings to regulatory coordination, the approach has been steady, transparent, and rooted in long-term trust-building.
This isn’t just about recovering from a crisis.
It’s about leading by example.
And showing that in the world of crypto, putting users first is still possible — and powerful.
WazirX is proving that resilience isn’t loud — it’s consistent.
They are working — consistently, quietly — to set a new standard for what recovery should look like.
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