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WazirX crypto recovery plan 2025 court approval Singapore hearing.
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WazirX Gears Up for Comeback ๐Ÿš€ as Singapore Court Sets May Hearing on $234M Restructuring

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

WazirX crypto recovery plan 2025 court approval Singapore hearing.
WazirX prepares for a major comeback as the Singapore High Court schedules a hearing in May 2025 to review its $234 million recovery plan after the 2024 cyberattack.

WazirX, one of Indiaโ€™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 exchangeโ€™s $234 million restructuring proposal. This step could play a key role in WazirXโ€™s return to normal operations and in restoring the faith of its global crypto community.

๐Ÿงจ What Happened? โ€“ The Cyberattack That Shook WazirX

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

๐Ÿ” Investigators traced the hack to the North Korean cybercrime group โ€œLazarus,โ€ known for attacking financial institutions worldwide. The hackers reportedly exploited a loophole in WazirXโ€™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.

๐Ÿ”— Full report on the attack – Times of India

๐Ÿ”ง WazirXโ€™s $234M Restructuring Plan: A Hopeful Path Forward

To regain user trust and resume operations, WazirXโ€™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.

๐Ÿ”‘ Key Highlights of the Restructuring Plan:

  • ๐Ÿ’ฐ Total User Claims: USD 546.47 million (as of July 2024)
  • ๐Ÿ’ผ Liquid Assets Available: $566.38 million USDT (as of December 2024)
  • ๐Ÿ“… Initial Payouts: Expected within 10 business days after court approval
  • ๐Ÿ’Ž 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.

๐Ÿ”— Source โ€“ Economic Times

โš–๏ธ 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 courtโ€™s key conditions for approval:

  • ๐Ÿ“ข Wallet Transparency: WazirX must publicly list its wallet addresses
  • ๐Ÿ“‚ Financial Disclosure: The company must submit financial records within 6 weeks
  • โ“ User Queries: Must answer questions raised by users in court
  • ๐Ÿ•ต๏ธ 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.

๐Ÿ“Š 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.

๐Ÿ’ฌ โ€œThis kind of transparency and legal restructuring can become a model for other exchanges facing similar crises,โ€ says John Wu, a blockchain analyst.

๐Ÿ’ฌ โ€œThe court’s involvement ensures that users are protected and not left in the dark,โ€ adds Priya Sharma, a crypto legal consultant.

๐Ÿ” Why This Comeback Matters

WazirX was once Indiaโ€™s top crypto trading platform. Its potential return could:

  • โœ… Rebuild trust in Indian crypto markets
  • ๐ŸŒ Show international courts are open to managing digital asset crises
  • ๐Ÿ’ผ Provide financial closure to thousands of affected users

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

๐Ÿ” FAQs โ€“ What People Are Asking

Q1. Why is WazirX going to court?

๐Ÿ‘‰ To seek approval for a financial restructuring plan after losing $235M in a hack.

Q2. When will the hearing happen?

๐Ÿ‘‰ The Singapore High Court will hear the case in May 2025.

Q3. Will users get their money back?

๐Ÿ‘‰ 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?

๐Ÿ‘‰ WazirX is not operational yet but is implementing strict transparency and legal oversight before its return.

Q5. What are Recovery Tokens?

๐Ÿ‘‰ Theyโ€™re new tokens given to users, which may grow in value as the market recovers โ€” a bonus on top of the main payouts.

๐Ÿ’ฌ Final Thoughts + Call to Action

WazirXโ€™s story is a reminder of how quickly things can change in the crypto world ๐ŸŒ. From a thriving exchange to a major hack, and now a potential comeback โ€” itโ€™s been a rollercoaster ride. The upcoming May court hearing will decide whether this revival becomes reality.

๐Ÿ‘‰ What are your thoughts on WazirXโ€™s restructuring efforts? Will this set a new standard for handling crypto failures?

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Palvindar Sirohi
"A business strategist with a keen eye on market trends and economic growth. Delivering the latest insights and news in the business world."