The Indian crypto investors are eagerly waiting for WazirX to resume its operations after being hit by a massive $235 million hack. The Zettai team announced crucial dates linked to the first distribution of crypto assets lost in the attack.
This comes in when India’s Supreme Court handed down a blow to victims of the WazirX hack by dismissing their petition on the grounds of regulatory ambiguity. Investors are losing out on the bull run already as Bitcoin, which was trading around $61,000 when the exchange got hacked, went on to hit $109,000 in January 2025.
WazirX awaits final court nod
In an X post, WazirX mentioned it understands the zeal around restarting the platform and appreciated the users’ patience during the hard times. It added that the exchange has communicated that the first distribution and restart would occur within the April–May 2025 window.
It highlighted that Zettai Pte Ltd, the parent company of WazirX, has completed all prior required steps and is waiting for the sanction hearing. The proceeding is scheduled for May 13, 2025 by the Singapore High Court for May 13, 2025. It turns out that the hearing is an essential step in the scheme to become legally effective. If the scheme is sanctioned by the court, then the first distribution and restart will be done within 10 business days from the effective scheme date.
Earlier, the Indian crypto exchange dropped an update on the Scheme of Arrangement voting. It stated that 93.1% of voting creditors who represent 94.6% in value voted “YES” to the Scheme of Arrangement. As per the data, over 141,000 scheme creditors, representing approximately $195 million in approved claims, cast their vote. However, around 131,000 investors representing approximately $185 million voted in favor.
No justice for WazirX hack victims?
This development comes in when India’s Supreme Court has rejected a petition from victims of the $230 million WazirX hack. The apex court delivered the hard truth for the Indian digital assets community that in the absence of crypto regulation, don’t expect legal intervention.
The case was filed by 54 WazirX users, looking for action against co-founder Nischal Shetty, Binance, and custody provider Liminal. Meanwhile, the two-judge bench made it clear that crypto remains a policy grey zone, and it’s the government’s job to set the rules.
The Supreme Court’s dismissal won’t sit well with victims and it exposes a critical fault line in India’s crypto ecosystem. Users are being left holding the bag while regulators drag their feet.
The July 2024 breach wiped out $230 million in user funds after WazirX’s Ethereum multisig wallet was compromised. Zettai Pte, linked to WazirX, quickly filed for a court-sanctioned moratorium to restructure liabilities. It turned out to be a move that only added fuel to the fire. By September, the hacker had already laundered over 7,200 ETH through Tornado Cash.
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Source: https://www.cryptopolitan.com/wazirx-eyes-mid-may-for-platform-restart/