WazirX Nears Relaunch, Court Hearing in May to Decide Fate of Repayments

WazirX, the crypto exchange hit by one of 2024’s largest hacks, is set to take a significant step toward resuming operations and repaying users, pending a crucial court hearing next month in Singapore.On Monday, the company announced that its parent firm, Zettai, had completed all prerequisites ahead of a sanction hearing scheduled for May 13 at the Singapore High Court. The hearing will determine whether the exchange’s restructuring and compensation plan will move forward.“While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process,” WazirX said in a statement on X. If approved, the company said, its first distribution and platform relaunch will take place within 10 business days of the scheme’s effective date.FAQ: What’s the current update on the restart of WazirX operations?A: We understand the eagerness around the platform restart and truly appreciate your continued patience. Since the beginning, we have communicated that the First Distribution and restart would occur within the… pic.twitter.com/VJtfX4EBLhThe hearing is part of WazirX’s broader recovery plan following the July 2024 exploit, when hackers stole $234.9 million—about 45% of the platform’s digital assets—from a Safe Multisig wallet. The attack, attributed to North Korean state-sponsored actors, forced the exchange to suspend withdrawals and rattled India’s crypto market, which makes up the bulk of its user base.The WazirX hack came amid a record year for crypto theft. Chainalysis reported $2.2 billion stolen across the sector in 2024—a 21% increase from 2023. North Korea was linked to $1.34 billion in thefts across 47 incidents, making up 61% of the total.The next phase in WazirX’s comeback hinges on the Singapore court’s decision to greenlight its restructuring proposal. Earlier this month, the plan won overwhelming support, with 93.1% of creditors—representing 94.6% by value—voting in favor.In total, 141,476 creditors with nearly $196 million in approved claims participated. “I’m grateful for the strong vote of confidence,” said WazirX Founder Nischal Shetty.The proposed plan features Recovery Tokens that will be tradable and subject to regular buybacks, along with a new decentralized exchange launch. WazirX has cautioned that without court approval, repayments might be postponed until 2030 due to legal and operational uncertainties.