Quick Summary:
- Additional affidavits filed by WazirX in Singapore High Court as per May 13 instructions.
- Moratorium extended on legal proceedings against the company until June 6.
- Court approval pending for WazirX’s restructuring plan.
- Repayment plan promises 85% refund to affected users after approval.
- User support high — 93.4% reportedly back the proposal.
- WRX token surges over 11% in last 24 hours amid legal uncertainty.
- No next hearing scheduled yet, causing delays in fund recovery.
A Crucial Step in WazirX’s Recovery Journey
Crypto exchange WazirX has submitted additional affidavits to the Singapore High Court, a necessary step toward winning approval for its recovery and restructuring plan. This filing was made following the court’s direction during the previous hearing on May 13, 2025.
Although the company had hoped to begin repaying affected users soon, the court has not yet approved the plan, opting instead to review the new documents before taking the next step. For now, the moratorium on claims and legal action has been extended until June 6, giving WazirX more breathing room.
Hack Fallout & Repayment Plan
WazirX is still reeling from the massive ₹2,000 crore hack that occurred on July 18, 2024. Earlier this year, the company approached the Singapore court with a formal recovery plan to compensate affected users.
According to the proposed plan:
- Users would get back 85% of their funds based on balances during the hack.
- Repayments were to begin within 10 days of court approval.
- 93.4% of users supported the plan, showcasing strong community backing.
However, no timeline for the next hearing has been given, leaving users anxious about when the recovery process will truly begin.
Source: CoinMarketCap
WazirX Responds to User Concerns
In a statement shared on X (formerly Twitter), the company said:
“We’ve filed the additional affidavit(s) with all the documents as directed by the Singapore Court during the hearing on 13 May 2025. We understand the community’s anticipation around the platform restart and first distribution. Please know that we’re moving forward in line with the legal process and will continue to share timely updates as we receive directions from the court.”
WRX Token on the Rise Despite Uncertainty
Interestingly, the uncertainty hasn’t stopped investor interest. WRX, the native token of WazirX, has seen a sharp 11.46% jump in price over the last 24 hours, now trading at $0.0318.
- Trading volume surged 59.37% to $124,000.
- Market cap stands at $12.14 million, with a fully unlocked potential value of $31.5 million.
What’s Next?
WazirX remains in legal limbo as it awaits court directions. While user confidence and token activity suggest optimism, the delay in court approval means recovery timelines remain uncertain. Until then, users and investors are keeping a close eye on developments.
Stay tuned for more updates as this story unfolds.