India’s largest crypto exchange, WazirX, has taken another visible step in its long recovery process after the 2024 hack, confirming on January 9, 2026, that Recovery Tokens have been credited to all eligible users under its court-approved restructuring plan.
The move sets the groundwork for users to potentially reclaim up to 75–80% of their locked funds over time, depending on future profits and asset recoveries.
Recovery Tokens Issued as Restructuring Plan Moves Forward
In a post shared on X, WazirX said Recovery Tokens, or RTs, were issued within the 60-business-day timeline laid out in its restructuring scheme. The exchange added that users can now see their allocations directly in the Funds tab of the WazirX app.
According to the company, the tokens were assigned on a pro rata basis, meaning each user’s share reflects the size of their approved claim, with no special treatment. It framed the update as a key milestone following the platform’s restart in late October last year.
When trading resumed, eligible users received a First Distribution representing about 85% of their approved claims, based on reference prices set under the scheme. The newly issued RTs represent the remaining portion of user claims and give holders the right to future buybacks by the company, provided enough value is recovered.
The exchange stressed that RTs are not tradable at this stage. Under the scheme, it will review recoveries in rolling three-month periods. If at least $10 million in unencumbered value is realized in a cycle, part of that amount will be used to buy back RTs, creating another distribution for users. Smaller recoveries will be carried forward until the threshold is reached.
How the Hack and Court Rulings Shaped the Recovery Path
The recovery effort traces back to the July 2024 exploit that drained more than $230 million from a WazirX multisignature wallet. Blockchain data later showed large amounts of Shiba Inu (SHIB), Ethereum (ETH), and other tokens being moved and sold, wiping out close to 45% of the exchange’s reserves. The incident kept the platform offline for more than a year and triggered legal disputes over how losses should be shared.
In October 2025, the Madras High Court dealt a blow to WazirX’s initial plan to spread losses across all users. The court ruled that customer assets such as XRP could not be used to offset unrelated platform losses, affirming that cryptocurrencies remain the property of individual users. That decision, along with approval from the Singapore High Court and backing from over 95% of voting creditors, pushed WazirX toward a more structured, claim-based recovery model.
Under the current setup, Recovery Tokens keep users tied to future progress without forcing immediate decisions. WazirX has said the tokens could become tradable later, subject to legal clearance, giving users the option to exit early or hold on for potential upside.
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