Quick Summary:
More affidavits as witnessed by WazirX in Singapore High Court according to the instructions of May 13.
The legal proceedings against the company were extended with moratorium until June 6.
It is still being discussed in court whether WazirX can restructure.
Repayment plan gives promise of refunding 85 percent to the affected users when it gets approval.
Support among the users is strong 93.4% are said to support the proposal.
WRX token rises more than 11 percent within the past 24 hours because of legal uncertainties.
They have not scheduled a next hearing and fund recovery is delayed.
An Important Milestone of the Recovery Process of WazirX
Crypto exchange WazirX has filed more affidavits in Singapore High Court, which is a mandatory move to seek the nod of its recovery and restructuring program. This is filed because the court has ordered so in the last hearing on May 13, 2025.
The court is yet to approve the plan even though the company had anticipated that it would start repaying the affected users soon since they anticipate that it may take a short time before giving a new direction following the new documents presented. The hold on the claims and lawsuits has been put on hold until June 6 at present, which will give the WazirX a bit of breathing space.
Hack Fallout & Repayment Plan
WazirX is yet to recover after the colossal 2000 crores hack that took place on July 18,2024. In the first quarter of this year, the company moved to the Singapore court with an official recovery program to pay other affected users.
The proposed plan is as follows:
- Users would recover 85 percent of their funds by references to their balances during hacking.
- Repayment terms were to commence not later 10 days after the court approval.
- The plan got overwhelming community support with 93.4 percent users approving it.
Yet, the date of the next hearing remains unknown, and the users can do nothing but wait with anticipation when the actual recovery of the situation will start.
Source: CoinMarketCap
WazirX Replies to User Issues
In a post on X (previously Twitter), the corporation added:
The supplementary affidavit (s) was filed together with the necessary documents by what the Singapore Court stated to be necessary during the hearing held on 13 May 2025. We know how the community is looking forward to the restart of the platform and the initial allocation. Do understand that we are also proceeding according to the law and as we hear further orders of the court we shall keep updating promptly.
WRX Coin on the Rise regardless of Uncertainty
Surprisingly the doubt has not thwarted investor enthusiasm. WRX is a native coin of WazirX and has risen by a sharp increment of 11.46% within the last 24 hours and is currently exchangeable at 0.0318.
- The volume of trading fueled upward by 59.37 percent to 124,000.
- The market cap represents 12.14 million dollars with a total unlockable potential of 31.5 million dollars.
What’s Next?
WazirX is on legal limbo awaiting the directions of any court. The activity in token and a certain feeling of confidence growth among users have led to optimistic predictions, but the time the court will finally approve the activity facing the industry is still not clear. The users and investors are observing developments closely until then.
Keep watching out as this story breaks.