(WazirX prepares for revival after $234M hack, with Singapore Court setting May 2025 hearing to approve its crypto recovery plan.)

WazirX, one of India’s biggest cryptocurrency exchanges, is inching closer to a major comeback. After a massive cyberattack in July 2024 that shook the platform and its users, the Singapore High Court has now scheduled a hearing in May 2025 to review the exchange’s $234 million restructuring proposal. This step could play a key role in WazirX’s return to normal operations and in restoring the faith of its global crypto community.

🧨 What Happened? – The Cyberattack That Shook WazirX

In July 2024, WazirX was hit by one of the biggest crypto thefts in India’s history, losing over $235 million in digital assets.

🔍 Investigators traced the hack to the North Korean cybercrime group “Lazarus,” known for attacking financial institutions worldwide. The hackers reportedly exploited a loophole in WazirX’s multi-sig wallet system.

As a result, WazirX had to freeze all trading, deposits, and withdrawals, leaving thousands of users anxious and uncertain about their funds.

🔗 Full report on the attack – Times of India

🔧 WazirX’s $234M Restructuring Plan: A Hopeful Path Forward

To regain user trust and resume operations, WazirX’s parent company, Zettai Pte Ltd, filed a Scheme of Arrangement in Singapore. This plan was submitted in December 2024, and the Singapore High Court will review it in May 2025.

🔑 Key Highlights of the Restructuring Plan:

• 💰 Total User Claims: USD 546.47 million (as of July 2024)
• 💼 Liquid Assets Available: $566.38 million USDT (as of December 2024)
• 📅 Initial Payouts: Expected within 10 business days after court approval
• 💎 Recovery Tokens: Issued to users with potential for added recovery if the market improves

This structured approach is meant to ensure that users receive a fair share based on their holdings, while offering more benefits if crypto markets perform well in the future.

🔗 Source – Economic Times

⚖️ What the Court Said: Conditions & Transparency Measures

In September 2024, the Singapore High Court gave WazirX a four-month moratorium under insolvency law. This gave them time to fix their financial structure without facing lawsuits.

Here are the court’s key conditions for approval:

• 📢 Wallet Transparency: WazirX must publicly list its wallet addresses
• 📂 Financial Disclosure: The company must submit financial records within 6 weeks
• ❓ User Queries: Must answer questions raised by users in court
• 🕵️ Independent Voting System: All future user decisions must be audited and fair

These conditions are meant to build trust and keep users fully informed at each step.

📊 What Experts Are Saying

Experts in the crypto and legal space see this as a positive move not just for WazirX, but for the entire Indian crypto industry.

💬 “This kind of transparency and legal restructuring can become a model for other exchanges facing similar crises,” says John Wu, a blockchain analyst.

💬 “The court’s involvement ensures that users are protected and not left in the dark,” adds Priya Sharma, a crypto legal consultant.

🔁 Why This Comeback Matters

WazirX was once India’s top crypto trading platform. Its potential return could:

• ✅ Rebuild trust in Indian crypto markets
• 🌍 Show international courts are open to managing digital asset crises
• 💼 Provide financial closure to thousands of affected users

If this restructuring plan is approved, WazirX could resume operations as early as mid-2025.

🔍 FAQs – What People Are Asking

Q1. Why is WazirX going to court?

👉 To seek approval for a financial restructuring plan after losing $235M in a hack.

Q2. When will the hearing happen?

👉 The Singapore High Court will hear the case in May 2025.

Q3. Will users get their money back?

👉 Yes, most users are expected to receive payouts within 10 business days post-approval, along with Recovery Tokens for extra potential gains.

Q4. Is WazirX still safe to use?

👉 WazirX is not operational yet but is implementing strict transparency and legal oversight before its return.

Q5. What are Recovery Tokens?

👉 They’re new tokens given to users, which may grow in value as the market recovers — a bonus on top of the main payouts.

💬 Final Thoughts + Call to Action

WazirX’s story is a reminder of how quickly things can change in the crypto world 🌐. From a thriving exchange to a major hack, and now a potential comeback — it’s been a rollercoaster ride. The upcoming May court hearing will decide whether this revival becomes reality.

👉 What are your thoughts on WazirX’s restructuring efforts? Will this set a new standard for handling crypto failures?

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