WazirX Gears Up for Comeback ๐ 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, one of Indiaโs 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 exchangeโs $234 million restructuring proposal. This step could play a key role in WazirXโs return to normal operations and in restoring the faith of its global crypto community.
๐งจ What Happened? โ The Cyberattack That Shook WazirX
In July 2024, WazirX was hit by one of the biggest crypto thefts in Indiaโs history, losing over $235 million in digital assets.
๐ Investigators traced the hack to the North Korean cybercrime group โLazarus,โ known for attacking financial institutions worldwide. The hackers reportedly exploited a loophole in WazirXโs 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.
๐ Full report on the attack – Times of India
๐ง WazirXโs $234M Restructuring Plan: A Hopeful Path Forward
To regain user trust and resume operations, WazirXโs 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.
๐ Key Highlights of the Restructuring Plan:
- ๐ฐ Total User Claims: USD 546.47 million (as of July 2024)
- ๐ผ Liquid Assets Available: $566.38 million USDT (as of December 2024)
- ๐ Initial Payouts: Expected within 10 business days after court approval
- ๐ 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.
๐ Source โ Economic Times
โ๏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 courtโs key conditions for approval:
- ๐ข Wallet Transparency: WazirX must publicly list its wallet addresses
- ๐ Financial Disclosure: The company must submit financial records within 6 weeks
- โ User Queries: Must answer questions raised by users in court
- ๐ต๏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.
๐ 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.
๐ฌ โThis kind of transparency and legal restructuring can become a model for other exchanges facing similar crises,โ says John Wu, a blockchain analyst.
๐ฌ โThe court’s involvement ensures that users are protected and not left in the dark,โ adds Priya Sharma, a crypto legal consultant.
๐ Why This Comeback Matters
WazirX was once Indiaโs top crypto trading platform. Its potential return could:
- โ Rebuild trust in Indian crypto markets
- ๐ Show international courts are open to managing digital asset crises
- ๐ผ Provide financial closure to thousands of affected users
If this restructuring plan is approved, WazirX could resume operations as early as mid-2025.
๐ FAQs โ What People Are Asking
Q1. Why is WazirX going to court?
๐ To seek approval for a financial restructuring plan after losing $235M in a hack.
Q2. When will the hearing happen?
๐ The Singapore High Court will hear the case in May 2025.
Q3. Will users get their money back?
๐ 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?
๐ WazirX is not operational yet but is implementing strict transparency and legal oversight before its return.
Q5. What are Recovery Tokens?
๐ Theyโre new tokens given to users, which may grow in value as the market recovers โ a bonus on top of the main payouts.
๐ฌ Final Thoughts + Call to Action
WazirXโs story is a reminder of how quickly things can change in the crypto world ๐. From a thriving exchange to a major hack, and now a potential comeback โ itโs been a rollercoaster ride. The upcoming May court hearing will decide whether this revival becomes reality.
๐ What are your thoughts on WazirXโs restructuring efforts? Will this set a new standard for handling crypto failures?
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