- WazirX awaits May 13 court ruling to restart services after $234M hack.
- 93% of creditors approved WazirX’s restructuring and compensation plan.
- Platform reactivation expected within 10 days if Singapore court approves.
Indian cryptocurrency exchange WazirX is on course to restart operations as it awaits a final decision from Singapore’s High Court on May 13. The ruling will determine whether the exchange’s proposed restructuring and user compensation plan can proceed, nearly one year after the platform suffered a $234 million security breach attributed to North Korean hackers.
An April 21st WazirX statement confirmed its restart process hinges entirely on this court approval. If granted, holding company Zettai PTE Ltd will reactivate the platform and begin user compensation within ten business days of the ruling.
The Hack, Market Context, and Creditor Plan
WazirX disclosed its Safe Multisig wallet was compromised in July 2024, losing nearly 45% of exchange holdings. The breach immediately halted cryptocurrency and Indian rupee withdrawals, affecting a large portion of the exchange’s user base in India.
The incident occurred during a year of heightened crypto-related thefts. Chainalysis reported that approximately $2.2 billion in digital assets were stolen throughout 2024, a 21% increase compared to the previous year.
Related: WazirX Moves Closer to Resuming Operations Following Creditor Vote
Zettai secured early court approval in January 2025 to convene a creditors’ meeting to vote on its recovery and compensation proposal. Earlier this month, creditors filed $196 million in claims, accounting for 93.1% of participants and 94.6% by total claim value, voted in favor of the plan.
However, WazirX had previously warned that if the plan was rejected, repayments might be delayed until 2030 due to prolonged legal and logistical processes. The upcoming hearing is the final procedural step before implementation of the plan can begin.
Final Court Hearing Looms for May Restart
The upcoming May 13th hearing in Singapore represents the final procedural step before WazirX can implement the creditor-approved plan.
Related: WazirX Faces Make-or-Break Moment: Creditors To Decide Fate in Restructuring Vote
Contingent on this final court approval, the company reiterated its target for initial user compensation distributions and full platform reactivation occurring within the current April-May 2025 timeframe. WazirX thanked users for their patience throughout the lengthy recovery process.
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