WazirX Awaits Crucial Court Ruling on May 13 to Restart Operations

• The Singapore High Court is set to deliver its decision on WazirX’s restructuring and compensation plan on May 13.
• The Supreme Court of India rejected a petition filed by 54 victims of the hack in a separate April 16 court judgement. 

The recently hacked Indian crypto exchange, WazirX, has announced that it is on the way to restarting its operations, awaiting a court ruling on May 13 concerning its restructuring and user compensation plan. 

In July last year, the exchange was hacked for around $234.9 million worth of crypto assets by hackers from North Korea. As a result of this hack, all crypto and Indian Rupee withdrawals were temporarily held on the platform.

As per an current update on X, the platform mentions that “Singapore High Court has scheduled a hearing for 13 May 2025, and this hearing is necessary for the scheme to become legally effective.” 

The update further mentions that the parent company has completed all necessary steps, and the main step is the sanction hearing.  

The parent company of WazirX, Zettai PTE Ltd, can restart its operations and work on its compensation scheme in 10 business days for the users who were affected, only if the platform gets a green flag from Singapore’s High Court. 

Creditors Support and Recovery Plan 

As per the announcement on April 7, around 93.1% of voting creditors holding 94.6% of the funds voted in favor of the platform’s post-hack restructuring plan. The plan included the issuance of the recovery token. 

The company made it clear that if the plan failed to gain approval from the creditors, it could lead to substantial delays in the repayment process. In fact, WazirX warned that without the creditors’ consent, repayments might be postponed until as late as 2030, potentially causing further uncertainty for users and investors. The restructuring plan is crucial for the exchange’s ability to resume operations and regain stability following the hack.

However, recently, the  Supreme Court of India rejected a petition filed by 54 victims of the hack in a separate April 16 court judgement. The petition included a legal action against WazirX and an audit of WazirX’s accounts. 

Justice B.R. Gavai and Augustine Masih didn’t accept the petition, mentioning that the matter concerns crypto policy, and the court does not have the authority to make a decision. However, both justices advised the petitioners to go to a relevant authority to hear the matter. 

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