More than a year after losing over $230 million in one of India’s largest crypto hacks, WazirX is still battling in courtrooms rather than relaunching its exchange.
The latest snag came in Singapore, where judges demanded fresh filings from some of the company’s opponents in its ongoing restructuring dispute.
From Hack to Court Battles
The crisis began in July 2024, when the North Korean Lazarus Group siphoned off hundreds of millions from WazirX’s wallets. To reassure users, parent company Zettai Pte Ltd proposed a restructuring plan early this year that combined cash repayments with recovery tokens. While the idea initially gained approval, by June the Singapore High Court balked, raising concerns about the plan’s design and disclosure.
That rejection forced WazirX to seek a revised scheme and a new vote from creditors, with the court extending a moratorium on claims until September 2025.
Judges Demand Proper Affidavits
The most recent development came at a September 3 hearing, where the High Court ruled that affidavits submitted by certain creditors — referred to as “Relevant Non-Parties” — failed to comply with Indian legal standards. Judges gave those creditors until September 19 to submit corrected documents, with Zettai required to reply by September 22. Both sides must then file their legal arguments by September 26.
No fresh hearing date has yet been set, but the decision highlights how procedural missteps are slowing down a process that already risks dragging out for years.
User Patience Running Thin
For WazirX’s community, the drawn-out litigation is prolonging uncertainty. The exchange has repeatedly promised that users will be repaid, but has also warned that if no plan is finalized, distributions could be delayed until 2030. With trading halted since the hack, thousands of customers remain locked out of funds and services.
WazirX has pledged to keep updating its community as deadlines pass, though many are more focused on when — or if — the exchange will resume operations. For now, every procedural ruling pushes that day further into the future.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/wazirxs-long-road-to-recovery-hits-another-legal-hurdle/