India’s major Crypto Exchange Wazirx, which was a victim of hacking $ 234 million (about ₹ 1,950 crore) in July 2024, is now ready to resume its operation once again. The company has recently reported that if the Singapore High Court is approved on May 13, 2025, it can restart the exchange within 10 working days and implement the compensation scheme for users.
The exchange stalled after hacking
In July 2024 Wazirx hack It was, in which cryptocurrency worth $ 234 million was stolen from the secure multisig pockets of the exchange. North Korea’s hackers were told behind this attack. Following this incident, the company had to provide temporary ban on crypto and INR evacuation from the platform. Due to this, funds of millions of users were stuck and the company’s credibility was also questioned.
Future will decide the hearing of May 13
Wazirx’s original company Zettai PTE LTD reported that it has completed all the predetermined steps of the court and now the next decisive step is the hearing on May 13 in the Singapore High Court. This hearing is necessary to legally legalize the restructuring plan and user compensation scheme proposed by Zettai.
If the court gets approval, the exchange will be started again within 10 days and users will start getting compensation.
Compensation will be available from Recovery token
In the creditors meeting held on 7 April, more than 90% of the voters voted in favor of Zettai’s proposed restructuring plan. Under this plan, the company will release Medication Tokens, which will be gradually purchased by the exchange net profit. This process expects users to get back 75% to 80% of their Lost Funds.
Zettai also warned that if this plan was not approved, the users could have been delayed by 2030.
Indian Supreme Court dismissed petition
Please tell that Wazirx Hack Case reached Supreme Court Was, where 54 victims of Hack had filed a petition in the Supreme Court against Wazirx, Nischal Shetty, Binance and Customs Provider Liminal, seeking audit and legal action. But on 16 April, the Supreme Court dismissed the petition saying that the matter was related to the Crypto Policy and the court cannot interfere with it. The court advised the petitioners to contact the Regulatory Authority.
Conclusion
The May 13 court hearing will be decisive for Wazirx. If approval is received, millions of users can get relief. The company is not only preparing for a comeback through the Recovery token and new profit models, but also trying to win the trust of users again. The Indian Crypto Community is now eagerly waiting for the decision that will allow Wazirx to restart from 0.
