WazirX, a cryptocurrency exchange primarily serving Indian users, has encountered significant challenges following a $230 million hack attributed to the notorious North Korean cybercrime group, Lazarus Group. In July 2024, this devastating attack caused widespread financial disruption. Seeking to navigate this crisis, WazirX proposed a restructuring plan to address its financial fallout and pave the way for recovery. However, the Singapore High Court has now rejected the exchange’s plan, signaling a major setback in WazirX’s recovery efforts. The court’s decision raises concerns about the future of the exchange, particularly regarding user compensation and creditors’ recovery prospects.