WazirX Awaits Court Approval to Resume Operations After Hack – Coincu

WazirX, the Indian cryptocurrency exchange platform, is set to resume operations following a $235 million hack, contingent upon a ruling from the Singapore High Court expected on May 13, 2025.

The exchange’s return is significant for affected users and broader market dynamics, given users missed significant market opportunities during its operational halt.

Singapore Court Ruling Could Unlock $195.6 Million in Compensation

The Singapore High Court’s ruling will determine the fate of WazirX’s recovery efforts. Zettai Pte Ltd’s restructuring proposal, which includes a user compensation plan, depends on the court’s decision. The ruling could pave the way for WazirX’s revival within 10 business days post-approval.

WazirX announced a phased approach to disburse funds to users. This plan will address claims amounting to approximately $195.6 million. Without this approval, fund restitution could stretch to 2030, affecting many users seeking prompt compensation.

“We are grateful for the strong vote of confidence. This consistent support across our entire base demonstrates a shared belief in our restructuring approach and recovery plan.” – Nischal Shetty, Founder, WazirX

Unique Strategy Positions WazirX for Swift Recovery

Did you know? In earlier exchanges’ hacks, restructurings rather than liquidations have proven to be faster recovery methods, often leading to user compensations within shorter time frames than initially projected.

Bitcoin (BTC) is currently valued at $88,184.81, with a market capitalization of 1.75 billion. The coin’s market dominance stands at 63.68%, while trading saw a 65.28% increase within the last day. Reports from CoinMarketCap highlighted a 4.79% price increase over the past 30 days, contrasting with declines noted over 60 and 90 days.

Insights from the Coincu Research Team suggest that WazirX’s phased recovery strategy could become a benchmark for handling exchange crises. By aligning recovery approaches with regulatory guidance, exchanges can restore user confidence more effectively. Data indicates a phased compensation model often benefits both user trust and industry stability.