Today can prove to be very important for Wazirx users, one of the largest crypto exchanges in India. Since a big hack in July last year, millions of users have not been able to reach their funds. Now about a year later, the recovery and restructuring plan of Wazirx is going to be heard in Singapore High Court on 13 May 2025. The hearing is expected to get their funds back from this hearing.
When and how did it happen?
On 18 July 2024, Wazirx faced a major cyber attack. Wazirx hack Cryptocurrency worth about ₹ 2,000 crore (about $ 2,30 million) was stolen. After this incident, the exchange immediately suspended trading on its platform and freeze about 55% of user funds. Due to this, the money of millions of users was stuck and no clear answer was that when and how they would get their money back.
First step towards recovery
After this incident, Wazirx tried to prepare a recovery plan. In early 2025, the company filed an official restructuring plan in the Singapore High Court. A few weeks ago, Wazirx claimed that the plan got 93.4% of users’ support.
According to this plan, if the court approves it, users can get 85% of their lost funds. This amount will be given on the basis of the same value which was in their accounts at the time of hack. The company has also said that payouts will be started within 10 businesses of court permission. Although experts believe that Wazirx restart’s path not easy And it will have a lot of difficulties.
But is this a complete solution?
While this news has brought a ray of hope for users, it is a matter of concern that there is still no clarity about 15% funds. The company has not yet shared any timeline or plan for recovery of this part. This raises the question that will users ever get full money back?
Many users are still angry with how Wazirx handled the matter after hack. The exchange was accused that he did not give the right information to the users and there was a shortage of transparency.
Ray of hope
Although this hearing will not provide answers to all questions, this process can be an important step towards providing justice to users. This hearing may be a sign of a new beginning for the long -term uncertainty and stress Wazirx customers.
If the court today approves this plan, it will not only open the way for the return of funds, but can also be helpful in restoring the trust of Crypto Investors of India. Now the eyes are on the court of Singapore, will this decision be able to provide relief to millions of users who have been waiting for their money to return for months?
Conclusion
Today’s hearing of Wazirx is a ray of hope for millions of users. If the court approves the restructuring plan, this fund will be the first major step towards recovery. Although there is uncertainty about 15% of funds, this process can prove to be an initiative towards justice and transparency. Now everyone’s eyes are on the court’s decision.
