Quick Summary
- WazirX awaits a crucial Singapore High Court decision on May 13.
- Platform was hacked in July 2024, losing $234.9M in crypto.
- Operations and withdrawals have been paused since the incident.
- 93.1% of creditors have approved the restructuring and compensation plan.
- Indian Supreme Court rejected a separate petition by 54 victims.
- If the court approves, WazirX may resume services within 10 business days.
Countdown to Restart
WazirX, the Indian crypto exchange that suffered a massive hack in July 2024, is now one step closer to making a comeback. The Singapore High Court is set to rule on May 13 regarding its restructuring and user compensation plan—a decision that will determine if the platform can officially resume operations.
Withdrawals of both crypto assets and INR have been on hold since the $234.9 million hack, reportedly carried out by North Korean attackers.
What’s the Latest?
In a recent post on X, WazirX confirmed that its parent company, Zetall PTE Ltd, has completed all required steps. The final hurdle? A green signal from the Singapore High Court during the sanction hearing.
If approved, users can expect operations to restart and the first phase of compensations to begin within 10 business days.
Creditors Back the Plan
The April 7 announcement revealed strong support for WazirX’s recovery strategy:
- 93.1% of voting creditors, representing 94.6% of claims, approved the plan.
- It includes a recovery token and structured payouts to affected users.
Had the plan failed to secure approval, repayments could have been delayed until 2030, deepening uncertainty for the community.
Supreme Court of India Dismisses Separate Petition
On April 16, a petition by 54 victims calling for an audit and legal action against WazirX was rejected by the Supreme Court of India.
Justices B.R. Gavai and Augustine Masih noted that the issue falls under crypto policy, advising petitioners to approach the appropriate authority instead.
What’s Next?
All eyes are now on May 13. A favorable ruling could mark a turning point for WazirX and bring long-awaited relief to its users. Until then, the community watches—and waits.