Indian cryptocurrency exchange WazirX is preparing to resume operations pending a Singapore High Court hearing scheduled for May 13, 2025.
The hearing will determine whether the exchange’s restructuring plan and user compensation scheme can proceed, according to an April 21 update posted by WazirX on X.
WazirX’s parent company, Zettai PTE Ltd, stated that if the court approves the plan, the exchange could restart and begin compensating affected users within 10 business days.
The exchange suffered a $234 million hack in July 2024, when funds were stolen from a Safe Multisig wallet.
Authorities have attributed the attack to North Korean hackers.
Following the breach, WazirX temporarily suspended all cryptocurrency and Indian rupee withdrawals.
On April 7, over 90% of voting creditors approved WazirX’s post-hack restructuring plan, which includes issuing recovery tokens to affected users.
These tokens are designed to be repurchased using the exchange’s net profits and could return between 75% and 80% of users’ account balances at the time of the hack.
WazirX warned that without creditor approval, repayments could be delayed until 2030.
The Singapore High Court authorised Zettai to convene a creditors’ meeting in January 2025 to discuss the restructuring proposal.
“We understand the eagerness around the platform restart and truly appreciate your continued patience,” stated WazirX, acknowledging the community’s anticipation.
The company also reiterated that the first distribution and platform restart were expected within the April-May 2025 timeframe.
Separately, on April 16, the Supreme Court of India dismissed a petition filed by 54 hack victims seeking legal action against WazirX, Binance, and custody provider Liminal.
Justices B.R. Gavai and Augustine Masih ruled that the court lacked jurisdiction over crypto policy matters and advised petitioners to approach relevant regulatory authorities instead.
This decision leaves regulatory oversight and dispute resolution to specialised bodies rather than the judiciary.